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DeFi Protocol pNetwork Loses $12 Million In Tokenized Bitcoin

One of many threats that the crypto group face is the assault of cybercriminals. Many exchanges, initiatives, and apps typically face one vulnerability exploitation or the opposite.

Not too long ago, BSC-based cross-chain pNetwork misplaced no less than $12.7 million of tokenized Bitcoin to attackers. They’ve joined the numerous networks focused and exploited by hackers within the crypto business.

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pNetwork promotes digital belongings motion all through totally different blockchains. Similar to a number of different wrapped token protocols, they permit customers to mint pBTC via deposits of BTC in a sensible contract. This course of permits the customers emigrate their BTC worth away from the Bitcoin platform and place it on EVM-compatible chains.

The details about the hack went reside via a Twitter announcement by pNetwork, lamenting the lack of as much as 277 pBTC. From the tweets, we discovered that the hackers made away with most of pNetwork’s collateral.

In accordance with the pNetwork crew, the hackers exploited a bug inside the community’s codebase. The tweet reads:

“They attacked pBTC on BSC, siphoning as much as 277 bitcoin which is serving as collateral. However different bridges weren’t touched, although, for the reason that different funds are intact.”

pNetwork Crew To Repair The Issues

In accordance with the pNetwork crew, they’re already fixing the issue. Additionally they provided $11.5% of the siphoned funds to the hackers if they might give again the funds stolen.

They went forward to deal with the black-hat hacker, “We’re prepared to supply a reward of $1,500,000 in the event that they can provide again the stolen funds.”

Proper now, there aren’t any updates from the pNetwotk crew in regards to the exploit. They’re but to speak about plans to pay again the customers who have been affected by the theft.

Results Of The Hack

After the exploit, the pNetwork’s PNT governance token has fallen down inside the final 24 hours.

pNetwork

pNetwork has misplaced nearly 8% of its value in final 24 hours following the hack | Supply: PNTUSD on TradingView

pNetwork isn’t the one cross-chain platform that has fallen sufferer to those exploits. For example, THORChain, a decentralized alternate, was additionally the sufferer of hackers final July. Following the primary hack, the platform suffered one other hack that was price $8 million.

Nonetheless, THORChain was lucky to be hacked by a “white hat” hacker, who promised to offer again the stolen funds for a reward of 10% out of the stolen funds.

Binance Sensible Chain has skilled so many surprising exploits this yr. The checklist of the BSC theft victims consists of pNetwork, Belt Finance, BurgerSwap, Spartan Protocol, SafeMoon, Meerkat Finance, Uranium Finance, Bogged Finance, bEarn, Cream Finance, and PancakeBunny.

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Furthermore, there was one other record-breaking Poly Community hack early in August. This hack resulted in a lack of $253M from BSC and above $600M in complete losses. Fortunately, the hacker gave again nearly all of the stolen funds.

Featured picture from Revain, charts from TradingView.com

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