Details on the latest cross-chain hack, pNetwork, dropped PNT’s price by 20%

The cross-chain DeFi platform pNetwork is the latest protocol hacked onto Binance Smart Chain and is reporting approximately $ 12.7 million in Bitcoin losses.

According to a topic Twitter was announced by pNetwork on September 20th, the hack resulted in 277 pBTC being sucked out of the exchange and the hackers getting most of the network’s collateral.

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

“Dear black hat hacker. Although unlikely, we will offer a $ 1,500,000 bonus when funds are returned. “

At the time of writing, the team has not yet released any details about the attack, nor has it discussed whether it intends 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 coin BTC by depositing BTC into a smart contract – allowing them to move the value of BTC out of the Bitcoin network and onto EVM-compatible chains.

The price of pNetwork’s governance token, PNT, has fallen 20% in the past 24 hours.

pNetwork is not the first cross-chain platform to be used. In July, the THORChain decentralized exchange suffered a $ 7.6 million hack. Just a few weeks later, THORchain was hacked again and cost around $ 8 million. Fortunately for the platform, it turned out that the hacker was a “white hat” who promised to return the money with a 10% bonus.

Binance Smart Chain is one of the most mined platforms 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. BSC was also involved in the Poly Network record hack in early August.

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Annie

According to Cointelegraph

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