$12M in Bitcoin Stolen in the Latest DeFi Hack Against the Cross-Chain Protocol pNetwork
12 min ago•2 min read•DeFi
The cross-chain DeFi protocol, pNetwork, has informed that it has become the latest victim of a security breach. By leveraging a codebase bug, the unknown perpetrator has stolen 277 bitcoins.As announced by the team behind the project, the hacker “was able to leverage a bug in our codebase and attack pBTC” on the Binance Smart Chain (BSC). Ultimately, he managed to take 277 bitcoins, most of which were collateral.Even with today’s prices when the cryptocurrency dumped by $4,000 in 24 hours, this substantial amount has a USD value of over $12 million.The project updated later that it had identified the bug, proposed a fix, and was waiting for “everyone to review it.”pNetwork reassured that all other bridges of its network were not affected and the remaining funds stored are safe. Additionally, the breached bridges should become operational once again soon.The team also had a message to the “black hat hacker,” offering a “clean” $1.5 million bounty if they return all funds.
While pNetwork admitted that the chances of such a scenario are slim, it wouldn’t be a precedent. As reported before, Poly Network was also exploited for more than $600 million in different digital assets. However, Mr. White Hat, as the project named the perpetrator, ultimately returned all funds and even rejected the offered bounty.It’s worth noting that the native cryptocurrency of pNetwork – PNT – has dumped by 20% on a 24-hour scale and currently sits below $1.Source
4/N To the black hat hacker. Although this is a long shot, we’re offering a clean $1,500,000 bounty if funds are returned.Finding vulnerabilities is part of the game unfortunately, but we all want DeFi ecosystem to continue growing, returning funds is a step in that direction— pNetwork 🦜 (@pNetworkDeFi) September 19, 2021