Hacker stole more than $12 million from the developers of the BSC pNetwork protocol
A hacker stole more than $12 million in bitcoin equivalent from one of the Binance Smart Chain projects - pNetwork. Representatives of pNetwork reported the incident on Twitter.
pNetwork is a cross-chain decentralized finance protocol centered on the PNT token. PNetwork validators help transfer assets from one blockchain to another by using wrapped pTokens. Supported blockchains include xDAI, Polygon, BSC, Ethereum, EOS, Ultra, and Telos. The hacker, on the other hand, aimed at pBTC, one of the variations of wrapped bitcoin for use in the DeFi protocols, to which the cryptocurrency familiar to investors is assigned.
The attacker exploited a vulnerability in the code, after which he attacked pBTC within the Binance Smart Chain platform and took over 277 BTC. At the same time, the rest of the bridges to which the project provides access to users did not suffer. The team was quick to reassure the community that the rest of the protocol money was safe.
Exactly how the hacker managed to remove pBTC from the BSC chain was not reported, but, according to representatives of pNetwork, the error was discovered. Now they expect all bridges between blockchains to be restored to work within 12 hours, after which the system will continue to operate normally.
In addition to fixing a problem in the code and preparing a plan to return the stolen funds to users, the developers of pNetwork approached the cracker with an offer of a reward of $1.5 million in case he agreed to return the stolen money.
Although it does not seem that the team itself relies heavily on the "nobility" of the attacker. They said that "finding vulnerabilities is part of the game, but despite this, they want the DeFi ecosystem to continue to grow and cashback is one step in this direction."
According to CoinMarketCap, after the hack, PNT's value and capitalization fell by more than 20%. At the moment, its price is $0.92, and its capitalization has dropped to $31.2 million.
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