PNetwork’s decentralized finance platform was the latest protocol for hackers on the Binance Smart Chain, reporting a loss of nearly $12.7 million in Bitcoin (BTC).

According to a Twitter thread published by pNetwork on Monday, 277 pBTCs have been withdrawn from the exchange as a result of this invasion. According to pNetwork, hackers escaped with most of the network’s security.

The team noted that the attack was done by exploiting a bug in the code base, and added that a solution is already underway. pNetwork also suggested that the hacker keep 11.5% of the stolen funds if he returns the funds.

“To a black hat hacker. While this is unlikely, we are offering a net reward of $1,500,000 if the money is returned.”
At the time of writing, the team has not provided further details about the usage. The PNetwork team has not yet discussed whether they plan to compensate affected users.

PNetwork facilitates the transfer of digital assets across different blocks. As with other encapsulated token protocols, users can forge pBTC by inserting BTC into a smart contract, allowing them to transfer their BTC value from the Bitcoin network to EVM-compliant chains.

The price of the management token pNetwork PNT Token has fallen by 18% in the last 24 hours.

Related: DeFi Hacks on Binance Smart Chain Rise as TVL Increases and Volumes

The network is not the first cross-chain platform operated by the THORChain decentralized exchange, which was hacked for $7.6 million in July. Just a few weeks later, THORchain was hacked again for about $8 million. Fortunately for the platform, the hacker turned out to be a white hat, promising to return the money for a bonus of 10%.

Binance Smart Chain has had more than enough companies this year. The ever-growing list of BSC exploits includes PancakeBunny, Cream Finance, bEarn, Bogged Finance, Uranium Finance, Meerkat Finance, SafeMoon, Spartan Protocol, BurgerSwap, Belt Finance, and now pNetwork.

Binance Smart Chain was also involved in the record-breaking Poly Network hack in early August, which took $253 million from BSC and stole a total of $600 million, though a benevolent hacker has recovered nearly all of the funds.

Source: CoinTelegraph

LEAVE A REPLY