The cross-chain DeFi platform pNetwork has become the latest protocol for hacking on Binance Smart Chain, reporting the loss of approximately US$12.7 million worth of Bitcoin.
According to a Twitter post published by pNetwork on September 20, the invasion resulted in 277 pBTC being taken from the exchange. pNetwork added that hackers stole most of the network’s collateral.
1/N We regret to inform the community that an attacker was able to exploit vulnerabilities in our codebase and attack pBTC on BSC, stealing 277 BTC (most of its collateral).
Other bridges were not affected. All other funds in pNetwork are safe.
-pNetwork (@pNetworkDeFi) September 19, 2021
The team pointed out that the attack was performed by exploiting a bug in its code base, adding that repair work is already in progress. pNetwork also provides hackers, if they return the funds, 11.5% of the stolen funds will be retained.
“To black hat hackers. Although this is a long-term goal, if the funds are returned, we will provide a bounty of $1,500,000.”
At the time of writing, the team has not released any further details about the vulnerability. The pNetwork team has not yet discussed whether it plans to compensate the affected users.
pNetwork facilitates the movement of digital assets across different blockchains.And other Encapsulated token protocol, Users can mint pBTC by depositing BTC in a smart contract-allowing them to transfer the value of BTC from the Bitcoin network to the EVM compatible chain.
The price of pNetwork’s governance token PNT has plummeted by 18% in the past 24 hours.
pNetwork is not the first cross-chain platform to be used as a decentralized exchange THORChain suffered a $7.6 million hack In July. Only a few weeks later, THORchain was hacked again and lost approximately US$8 million. Fortunately for the platform, hackers turned out to be “white hats”. Commit to return funds with a 10% bonus.
So far this year, the number of exploits of Binance Smart Chain has exceeded its due share. The growing list of BSC vulnerabilities includes PancakeBunny, Cream Finance, bEarn, Bogged Finance, Uranium Finance, Meerkat Finance, SafeMoon, Spartan Protocol, Hamburg exchange, Belt Finance and now pNetwork.
Binance Smart Chain also participates in breaking records Poly Network was hacked in early August This benevolent hacker withdrew 253 million U.S. dollars from BSC and stole more than 600 million U.S. dollars in total Almost all funds returned.