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

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The cross-chain DeFi platform pNetwork has become the latest protocol targeted by hackers on Binance Smart Chain, reporting an estimated $ 12.7 million loss of Bitcoin.

According to a Twitter thread posted by pNetwork on September 20, the incursion resulted in the siphoning of 277 pBTC from the exchange. Hackers have taken over most of the network’s collateral, pNetwork added.

The team noted that the attack was executed by exploiting a bug in its codebase, adding that a fix was already in progress. pNetwork also offered to the hacker to keep 11.5% of the stolen funds if he returns the funds.

“To the pirate in the black hat. Although this is a long plan, we offer a net premium of $ 1,500,000 if funds are returned. “

At the time of writing, the team has not given any further details about the feat. The pNetwork team has yet to discuss their intention to reimburse affected users.

pNetwork facilitates the movement of digital assets across different blockchains. As with other wrapped token protocols, users can create pBTC by depositing BTC into a smart contract, allowing them to migrate the value of their BTC out of the Bitcoin network and onto EVM-enabled chains.

The price of the pNetwork PNT token governance token has plunged 18% in the past 24 hours.

pNetwork is not the first cross-chain platform to operate, as the decentralized exchange THORChain suffered a $ 7.6 million hack in July. A few weeks later, THORchain was hacked again for around $ 8 million. Fortunately for the platform, the hacker turned out to be a “white hat”, promising to return the funds for a 10% premium.

Binance Smart Chain has had more than its fair share of feats so far this year. The growing list of BSC exploits includes Pancake Bunny, Cream Finance, bEarn, Bogged Finance, Uranium Finance, Meerkat Finance, SafeMoon, Spartan Protocol, BurgerSwap, Belt Finance and now pNetwork.

Binance Smart Chain was also involved in the record-breaking Poly Network hack in early August, which saw $ 253 million taken from BSC and over $ 600 million stolen in total, although the benevolent hacker returned almost all of it. funds.

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