$12M in Bitcoin Stolen in the Latest DeFi Hack Against the Cross-Chain Protocol pNetwork

The cross-chain DeFi protocol, pNetwork, has informed that it has become the latest victim of a security breach. By leveraging a codebase bug, the unknown perpetrator has stolen 277 bitcoins.

  • As announced by the team behind the project, the hacker “was able to leverage a bug in our codebase and attack pBTC” on the Binance Smart Chain (BSC). Ultimately, he managed to take 277 bitcoins, most of which were collateral.
  • Even with today’s prices when the cryptocurrency dumped by $4,000 in 24 hours, this substantial amount has a USD value of over $12 million.
  • The project updated later that it had identified the bug, proposed a fix, and was waiting for “everyone to review it.”
  • pNetwork reassured that all other bridges of its network were not affected and the remaining funds stored are safe. Additionally, the breached bridges should become operational once again soon.
  • The team also had a message to the “black hat hacker,” offering a “clean” $1.5 million bounty if they return all funds.
  • While pNetwork admitted that the chances of such a scenario are slim, it wouldn’t be a precedent. As reported before, Poly Network was also exploited for more than $600 million in different digital assets. However, Mr. White Hat, as the project named the perpetrator, ultimately returned all funds and even rejected the offered bounty.
  • It’s worth noting that the native cryptocurrency of pNetwork – PNT – has dumped by 20% on a 24-hour scale and currently sits below $1.
SPECIAL OFFER (Sponsored)
Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to get 50% free bonus on any deposit up to 1 BTC.

You Might Also Like:


.custom-author-info{ border-top:none; margin:0px; margin-bottom:25px; background: #f1f1f1; } .custom-author-info .author-title{ margin-top:0px; color:#3b3b3b; background:#fed319; padding:5px 15px; font-size: 20px; } .author-info .author-avatar { margin: 0px 25px 0px 15px; } .custom-author-info .author-avatar img{ border-radius: 50%; border: 2px solid #d0c9c9; padding: 3px; }

The post appeared first on CryptoPotato

Buy Bitcoin with Credit Card

BitMex Leverage Trading

Automated Trading Bot

Related Posts

Leave a Reply

Bitcoin (BTC) $ 97,066.01 2.76%
Ethereum (ETH) $ 3,322.45 7.15%
Tether (USDT) $ 0.999784 0.34%
Solana (SOL) $ 253.65 7.63%
BNB (BNB) $ 619.30 1.14%
XRP (XRP) $ 1.11 0.87%
Dogecoin (DOGE) $ 0.38263 0.01%
USDC (USDC) $ 0.999351 0.21%
Lido Staked Ether (STETH) $ 3,322.15 7.25%
Cardano (ADA) $ 0.788549 4.86%