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DeFi Protocol pNetwork Loses $12 Million In Tokenized Bitcoin

One of the threats that the crypto neighborhood face is the assault of cybercriminals. Many exchanges, initiatives, and apps typically face one vulnerability exploitation or the opposite.

Recently, BSC-based cross-chain pNetwork misplaced a minimum of $12.7 million of tokenized Bitcoin to attackers. They have joined the numerous networks focused and exploited by hackers within the crypto business.

Related Reading | September Leaves Behind Trail Of Blood, Bitcoin Long Liquidations

pNetwork promotes digital belongings motion all through totally different blockchains. Just like a number of different wrapped token protocols, they enable customers to mint pBTC by deposits of BTC in a sensible contract. This course of permits the customers to migrate their BTC worth away from the Bitcoin platform and place it on EVM-compatible chains.

The details about the hack went dwell by a Twitter announcement by pNetwork, lamenting the lack of up to 277 pBTC. From the tweets, we discovered that the hackers made away with most of pNetwork’s collateral.

According to the pNetwork group, the hackers exploited a bug inside the community’s codebase. The tweet reads:

“They attacked pBTC on BSC, siphoning up to 277 bitcoin which is serving as collateral. But other bridges weren’t touched, though, since the other funds are intact.”

pNetwork Team To Fix The Problems

According to the pNetwork group, they are already fixing the issue. They additionally supplied $11.5% of the siphoned funds to the hackers if they may give again the funds stolen.

They went forward to deal with the black-hat hacker, “We are ready to offer a reward of $1,500,000 if they can give back the stolen funds.”

Right now, there are no updates from the pNetwotk group in regards to the exploit. They are but to speak about plans to pay again the customers who had been affected by the theft.

Effects Of The Hack

After the exploit, the pNetwork’s PNT governance token has fallen down inside the final 24 hours.

pNetwork

pNetwork has misplaced virtually 8% of its worth in final 24 hours following the hack | Source: PNTUSD on TradingView

pNetwork is not the one cross-chain platform that has fallen sufferer to these exploits. For occasion, THORChain, a decentralized trade, was additionally the sufferer of hackers final July. Following the primary hack, the platform suffered one other hack that was price $8 million.

However, THORChain was lucky to be hacked by a “white hat” hacker, who promised to give again the stolen funds for a reward of 10% out of the stolen funds.

Binance Smart Chain has skilled so many sudden exploits this 12 months. The record of the BSC theft victims consists of pNetwork, Belt Finance, BurgerSwap, Spartan Protocol, SafeMoon, Meerkat Finance, Uranium Finance, Bogged Finance, bEarn, Cream Finance, and PancakeBunny.

Related Reading | Bears Lose Hold On Market As Bitcoin Breaks $44,000, Crypto Market Tops Up $200 Billion

Moreover, there was one other record-breaking Poly Network hack early in August. This hack resulted in a lack of $253M from BSC and above $600M in whole losses. Luckily, the hacker gave again virtually all of the stolen funds.

Featured picture from Revain, charts from TradingView.com



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