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

Cross-chain DeFi platform pNetwork has develop 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 printed by pNetwork on Sept. 20, the incursion resulted in 277 pBTC being siphoned from the alternate. The hackers made off with the vast majority of the community’s collateral, pNetwork added.

The group famous the assault was executed by exploiting a bug in its codebase, including {that a} repair is already in progress. pNetwork additionally supplied 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 it is a lengthy shot, we’re providing a clear $1,500,000 bounty if funds are returned.”

At the time of writing, the group has not issued any additional particulars on the exploit. pNetwork group 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 value of pNetwork’s governance token PNT token has plunged 18% in the previous 24 hours.

pNetwork just isn’t the primary cross-chain platform to be exploited as decentralized alternate 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 justifiable share of exploits to this point this yr. The ever-lengthening record of BSC exploits contains Pancake Bunny, 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 complete although the benevolent hacker returned almost all the funds.

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About the Author: Daniel