BITCOIN

The DeFi protocol pNetwork loses $ 12 million on tokenized bitcoin


One of the threats facing the crypto community is the attack of cyber criminals. Many exchanges, projects and apps often exploit a vulnerability or face another.

Recently, BSC-based cross-chain pNetwork lost at least .7 12.7 million tokenized bitcoin to attackers. They have joined many networks targeted and exploited by hackers in the crypto industry.

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pNetwork promotes the movement of digital resources across various blockchains. Like several other wrapped token protocols, they allow users to mint PBTCs through BTC deposits in smart contracts. This process allows users to move their BTC values ​​away from the Bitcoin platform and place them in EVM-compatible chains.

Information about the hack was found directly via a Twitter Announcement by pNetwork, laments for losses up to 277 pBTC. From the tweets, we learn that hackers have taken away most of pNetwork’s collateral.

According to the PNetwork team, hackers have exploited a bug in the network’s codebase. The tweet reads:

“They attacked PBTC in BSc, snatched up to 277 bitcoins which acted as collateral. But other bridges were not touched, although other funds remained intact.

PNetwork team to solve the problem

According to the PNetwork team, they are already fixing the problem. They also offered .5 11.5% of the funds siphoned off if the hackers were able to return the stolen funds.

“If they can recover the stolen money, we are willing to pay a 1,500,000 reward,” they told the black-hat hacker.

At the moment, there are no exploitation updates from the pNetwotk team. They have not yet talked about plans to reimburse users affected by the theft.

The effects of hacking

After the exploitation, the PNT governance token of the P network has gone down in the last 24 hours.

pNetwork has lost almost 8% of its price in last 24 hours following the hack | Source: PNTUSD on TradingView

pNetwork is not the only cross-chain platform that has been the victim of this exploitation. THORChain, a decentralized exchange, for example, also fell victim to hackers last July. After the first hack, the platform was the victim of another hack worth 8 8 million.

However, THORChain is lucky to have hacked a “white hat” hacker, who promised to return the stolen funds for a 10% reward on the stolen funds.

The Beyonc স্ম smart chain has experienced many unexpected exploits this year. The list of BSc theft victims includes P Network, Belt Finance, Burgerswap, Spartan Protocol, SafeMoon, Mircat Finance, Uranium Finance, Bagged Finance, Byrne, Cream Finance and PancakeBani.

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Moreover, another record-breaking poly network was hacked in early August. The hack resulted in a loss of 25 253 million from BSc and over 600 600 million in total losses. Fortunately, the hacker returned almost all the stolen funds.

Featured image from Revain, charts from TradingView.com





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