A total of around $12.7 million in tokenized Bitcoin has been stolen from pNetwork, a BSC-based cross-chain composability platform.
pNetwork, a cross-chain Defi network, has been targeted by hackers on Binance Smart Chain, citing a loss of around $12.7 million in Bitcoin. According to a tweet released on Sept. 20 by pNetwork, the incursion resulted in the theft of 277 pBTC from the exchange. According to pNetwork, the hackers stole the majority of the network’s collateral.
1/N We regret to notify the community that an attacker used a vulnerability in our coding to assault pBTC on BSC, successfully taking 277 BTC (most of its collateral). The remaining bridges remained unaffected. The pNetwork’s other finances are secure. September 19, 2021 — pNetwork (@pNetworkDeFi)
The company stated that the attack was carried out by exploiting a weakness in its coding and that a patch is currently being worked on. Additionally, pNetwork offered the hacker 11.5 percent of the stolen assets in exchange for returning the funds.
“In the direction of the black hat hacker. Although this is a long shot, we are offering a clean $1,500,000 reward for the recovery of funds.” At the time of writing, the team has not released any additional information about the exploit. The pNetwork team has not yet determined whether it will compensate impacted users.
pNetwork enables the exchange of digital assets across multiple blockchains. As with previous wrapped token systems, users can create pBTC by putting Bitcoin into a smart contract, which allows them to move their BTC value of the Bitcoin network and onto EVM compatible chains.
PNetwork’s governance token, PNT, has lost 18 percent of its value in the last 24 hours. pNetwork is not the first cross-chain trading platform to be used for decentralized commerce. THORChain was hacked for $7.6 million in July. Only a few weeks later, THORchain was hacked for an estimated $8 million. Fortunately for the platform, the hacker was identified as a “white hat,” offering to return the funds in exchange for a 10% prize.
Binance Smart Chain has already experienced more than its share of attacks this year. PancakeBunny, Cream Finance, bEarn, Bogged Finance, Uranium Finance, Meerkat Finance, SafeMoon, Spartan Protocol, BurgerSwap, Belt Finance, and now pNetwork are among the ever-growing list of BSC exploits.
Binance Smart Chain was also a victim of the record-breaking Poly Network heist in early August, which resulted in the theft of $253 million from BSC and over $600 million in total, however, the benign hacker returned virtually all of the cash.
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