HomeCryptoLatest DeFi hack targeting BSC sees $12.7M in Bitcoin stolen from pNetwork

Latest DeFi hack targeting BSC sees $12.7M in Bitcoin stolen from pNetwork

Cross-chain DeFi platform pNetwork has turn into the most recent protocol to be focused by hackers on Binance Smart Chain, reporting a lack of roughly $12.7 million value of Bitcoin. 

According to a Twitter thread revealed by pNetwork on Sept. 20, the incursion resulted in 277 pBTC being siphoned from the trade. The hackers made off with nearly all of the community’s collateral, pNetwork added.

The staff famous the assault was executed by exploiting a bug in its codebase, including {that a} repair is already in progress. pNetwork additionally provided for the hacker to maintain 11.5% of the stolen funds in the event that they return the funds.

“To the black hat hacker. Although this is a long shot, we’re offering a clean $1,500,000 bounty if funds are returned.”

At the time of writing, the staff has not issued any additional particulars on the exploit. pNetwork staff is but to debate whether or not it plans to reimburse impacted customers.

pNetwork facilitates the motion of digital property throughout completely different blockchains. As with different wrapped token protocols, customers can mint pBTC by depositing BTC into a wise contract — permitting them emigrate the worth of their BTC off the Bitcoin community and onto EVM appropriate chains.

The worth of pNetwork’s governance token PNT token has plunged 18% in the previous 24 hours.

Related: DeFi hacks on Binance Smart Chain rise as TVL and volumes enhance

pNetwork shouldn’t be the primary cross-chain platform to be exploited as decentralized trade THORChain suffered a $7.6 million hack in July. Just a few weeks later, THORchain was hacked once more for round $8 million. Fortunately for the platform, the hacker turned out to be a “white hat”, promising to return the funds for a ten% bounty.

Binance Smart Chain has had greater than its fair proportion of exploits to date this yr. The ever-lengthening checklist of BSC exploits consists of PancakeBunny, Cream Finance, bEarn, Bogged Finance, Uranium Finance, Meerkat Finance, SafeMoon, Spartan Protocol, BurgerSwap, Belt Finance, and now pNetwork.

Binance Smart Chain was additionally concerned in the record-breaking Poly Network hack in early August which noticed $253 million lifted from BSC and greater than $600 million stolen in whole although the benevolent hacker returned almost all the funds.