DeFi hackers strike again as cross-chain protocol pNetwork loses $12M
Cross-chain DeFi protocol pNetwork is the latest victim of a security breach resulting in the loss of $12 million worth of BTC. The unknown perpetrator stole 277 Bitcoins by leveraging a codebase bug.
1/N We're sorry to inform the community that an attacker was able to leverage a bug in our codebase and attack pBTC on BSC, stealing 277 BTC (most of its collateral).
— pNetwork 🦜 (@pNetworkDeFi) September 19, 2021
The other bridges were not affected. All other funds in the pNetwork are safe.
Shortly after reporting the incident on Twitter, the pNetwork team disclosed that it had identified the bug, proposed a fix, and was waiting for “everyone to review it.”
PNetwork went further to reassure users that all other bridges of its network were not affected and that the remaining funds stored are safe. Consequently, the exploited bridges should become operational soon.
The team also sent an open message to the black hat hacker offering a $1.5 million bounty if they return all the stolen funds. They, however, admitted that the chances of this happening are quite slim.
4/N To the black hat hacker. Although this is a long shot, we're offering a clean $1,500,000 bounty if funds are returned.
— pNetwork 🦜 (@pNetworkDeFi) September 19, 2021
Finding vulnerabilities is part of the game unfortunately, but we all want DeFi ecosystem to continue growing, returning funds is a step in that direction
As reported by BTC PEERS, Poly Network was also recently exploited of more than $600 million in different digital assets. But in a rather interesting turn of events, the perpetrator returned all the looted funds and even rejected the offered bounty.
Check our guide of the most promising crypto