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


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Cross-chain DeFi platform pNetwork has turn out to be the newest protocol to be focused by hackers on Binance Sensible Chain, reporting a lack of roughly $12.7 million price of Bitcoin. 

In keeping with 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 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. Though it is a lengthy shot, we’re providing a clear $1,500,000 bounty if funds are returned.”

On 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 belongings throughout totally different blockchains. As with different wrapped token protocols, customers can mint pBTC by depositing BTC into a sensible contract — permitting them emigrate the worth of their BTC off the Bitcoin community and onto EVM suitable chains.

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

Associated: DeFi hacks on Binance Smart Chain rise as TVL and volumes increase

pNetwork isn’t the primary cross-chain platform to be exploited as decentralized trade THORChain suffered a $7.6 million hack in July. Simply a few weeks later, THORchain was hacked once more for round $8 million. Happily for the platform, the hacker turned out to be a “white hat”, promising to return the funds for a 10% bounty.

Binance Sensible Chain has had greater than its justifiable share of exploits to this point this yr. The ever-lengthening listing of BSC exploits contains PancakeBunny, Cream Finance, bEarn, Bogged Finance, Uranium Finance, Meerkat Finance, SafeMoon, Spartan Protocol, BurgerSwap, Belt Finance, and now pNetwork.

Binance Sensible Chain was additionally concerned within 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 nearly all of the funds.