The latest DeFi attack on BSC stole $ 12.7 million in Bitcoin from pNetwork

The latest protocol targeted by hackers on Binance Smart Chain, the cross-chain DeFi platform pNetwork is reporting approximately $ 12.7 million in Bitcoin losses.

According to a Twitter thread published by pNetwork on September 20, the hack resulted in 277 pBTC being sucked out of the exchange. According to pNetwork, the hackers got most of the network’s security.

The team found that the attack was carried out by exploiting a bug in their code base and added that a fix was already under way. pNetwork also offered the hacker to keep 11.5% of the stolen funds if they returned the money.

“Dear black hat hacker. While this is a long way to go, we do offer a clean $ 1,500,000 bonus when the money is returned. “

At the time of writing, the team has not yet released details about the exploit. The pNetwork team has yet to discuss whether they intend to issue a refund to the affected users.

pNetwork makes it easy to move digital assets across different blockchains. As with other packaged token protocols, users can mine pBTC by depositing BTC into a smart contract – allowing them to move the value of BTC out of the Bitcoin network and onto compatible chains.

The price of pNetwork’s Governance Token PNT Token has fallen 18% in the past 24 hours.

Related: DeFi hacks on Binance Smart Chain increase as TVL and volume increase

When the decentralized exchange THORChain was hacked for $ 7.6 million in July, pNetwork wasn’t the first cross-chain platform to be hacked again just weeks later for around $ 8 million. Fortunately for the platform, the hacker turned out to be a “white hat” who promised to return money with a 10% bonus.

Binance Smart Chain has more than its fair share of the mining market so far this year. The growing list of BSC miners includes PancakeBunny, 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 Poly Network’s record hack in early August, which received $ 253 million from BSC and stolen more than $ 600 million in total, despite the good-natured hacker returning almost all of the money.