DeFi hackers strike again as cross-chain protocol pNetwork loses $12M
News

DeFi hackers strike again as cross-chain protocol pNetwork loses $12M

Saudu Clement
Saudu Clement

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.

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.

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.