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DeFi Hack: BSC-Based Platform pNetwork Loses $12.7M in BTC

BSC-Based Platform pNetwork Loses $12.7M in BTC DeFi News
  • pNetwork losses around $12.7 million in Bitcoin.
  • In case the funds were returned, hackers can take 11.5% of the stolen funds.
  • pNetwork team is still in discussion to reimburse affected users.

In the ever-growing crypto industry, we could spot many hacks going around. One of the recent hacks happened on pNetwork.

pNetwork, a cross-chain DeFi platform, the latest protocol which is targeted by an attacker on Binance Smart Chain (BSC). The attack reports a loss of around $12.7 million in BTC.

Moreover, the pNetwork team spotted that the attack happened by exploiting a bug in its codebase. In addition, the team adds that a fix is in progress already. pNetwork also announced that hackers can take 11.5% of the stolen funds, in case the funds were returned. In another tweet, pNetwork mentioned about the $1.5M bounty.

pNetwork team is still in discussion to reimburse affected users. Aside from this, the platform also assures users that they will prioritise security over speed.

We have a proposed fix and we are now waiting for everyone to review it. We expect for the bridges to be back up in approximately 12 hours. We want to reassure everyone that we are prioritising security over speed.

According to CoinMarketCap data, the price of pNetwork (PNT) dropped nearly 14% in the last 24-hours. The PNT price is trading at $0.98 with a 24-hour trading volume of $16,066,717, at the time of writing.

Furthermore, the exploit on the cross-chain platform is not the first time. Recently, the decentralized exchange THORChain suffered $8 million in a hack. In spite of all this, the hackers turned a white hat and promised to return funds for a 10% bounty. Added to this, Poly Network was involved in a $600 million hack in August.

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Crypto trading has enticed Ananthi Reeta to write for CoinQuora. She consistently contributes news and feature articles. She has covered several different blockchain and crypto niches, especially altcoins.