December 9, 2022
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$12M in bitcoin stolen in the latest DeFi hack against pNetwork cross-chain protocol

Another hack in the decentralized financial space resulted in more than $12 million in stolen bitcoins.

$12M in bitcoin stolen in the latest DeFi hack against the pNetwork cross-chain protocol, taking advantage of a codebase bug, the unknown perpetrator stole 277 bitcoins.

According announced by the team behind the project, the hacker “was able to leverage a bug in our codebase and attack pBTC” in Binance Smart Chain (BSC). In the end, he managed to get 277 bitcoins, most of which were contract guarantees.

Even at today’s prices, when the cryptocurrency dropped $5,000 in 24 hours, this substantial amount has a USD value of over $12 million.
The project was later updated, stating that it had identified the bug, proposed a fix and was expecting “that everyone would review“.

pNetwork has ensured that all other bridges in its network are unaffected and the remaining funds stored are safe. Also, the broken bridges should be operational again soon.
The team also sent a message to the “black hat hacker”, offering a reward “clean” of $1.5 million if all funds were returned.

While pNetwork admitted that the chances of such a scenario were slim, it would not be a precedent. As reported before, Poly Network was also exploited for over $600 million in different digital assets. However, Mr. White Hat, as the bill named the perpetrator, ultimately returned all funds and even rejected the offered reward.

It’s important to note that pNetwork’s native cryptocurrency – PNT – has dropped 20% on a 24-hour scale and is currently below $1.

Source: CryptoPotato

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