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Over $12 Million of Bitcoin stolen in pNetwork hack

The Cross-chain DeFi platform pNetwork is the victim of a hack that has stolen $12 Million of Bitcoin.

Bitcoin Stolen
Photo By "CryptoPotato"

The Cross-chain DeFi Platform pNetwork has recently faced a hack on Finance Smart Chain. The Bitcoin stolen was worth the value of $12.7 million approximately. The company is saying that it has drained 277 pBTC from the exchange.

The company believes that this attack has exploited a bug in the codebase of the company. It further added that it is working on the fix of the damage. The company said that the bridge would run with some extra security measures in place for its first few days.

It means that there will be slower transaction processing in exchange for a higher range of security. pNetwork has also offered to allow the hackers to keep 11.5% of the bitcoin stolen in the hack if they return their funds.

“To the black hat hacker. Although this is a long shot, we’re offering a clean $1,500,000 bounty if funds are returned,” it pleaded.

“Finding vulnerabilities is part of the game, unfortunately, but we all want the DeFi ecosystem to continue growing; returning funds is a step in that direction.”

pNetwork is enabling the transfer of assets into more than 10 of the supported blockchain, which includes the currency like Dogecoin, Ethereum, Bitcoin, and many others.

Following this appeal, the price of pNetwork’s governance PNC token went south. It has dropped up to 17% in the last 24 hours. However, this is not the first cross -china platform that has become hacked.

In July, a decentralized exchange THORChian went through a $7.6 million loss. Just a few weeks later, it got hacked again with approximately $8 million.

The hackler has later promised to return the funds in exchange for a 10% bounty. Finance Smart Chain had a significant number of hack cases this year. It includes Bogged Finance, PancakeBunny, Uranium Finance, Meerkat Finance, SafeMoon, VBurger Swap, and pNetwork.

One of the last record-breaking hacks was the PolyNet or hack in early August. It has seen more than $600million of the stolen fund.

As Novak Svrkota, the crypto chain consultant from the international company Crypto Broker said that there is too little attention that the creators of the protocol given to the security of the whole system. Every day the system is becoming complicated. The awards of hundreds of million dollars are tempting enough for the bug-hunters. He further added that he was not optimistic, and he could not find a quick solution to the problem except the centralization of the blockchain.

They have a Tether blockchain which is completely pegged to the US dollar. It is easier enough for it to return the lost money. If Binance Chain does not become the centralized one, there is no other quick solution.

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