Latest DeFi hack on BSC causes $12.7M in Bitcoin stolen from pNetwork

Cross-chain DeFi platform pNetwork has become another protocol to be targeted by hackers on Binance Smart Chain with reporting a loss of approximately $12.7 million worth of Bitcoin.

Latest DeFi hack on BSC causes $12.7M in Bitcoin stolen from pNetwork

According to the Twitter thread published by pNetwork, the incursion resulted in 277 pBTC being siphoned from the exchange. The hackers made off with the majority of the network’s collateral.

The team added that the attack was executed by exploiting a bug in its codebase. However, the recovery is already in progress. The DeFi platform also offered for the hacker to keep 11.5% of the stolen funds if they return the funds.

The team has not published any further details on the exploit and it is yet to discuss whether it plans to reimburse impacted users. The price of pNetwork’s governance token PNT token has plunged 18% in the past 24 hours.

pNetwork facilitates the movement of digital assets across different blockchains. As with other wrapped token protocols, users can mint pBTC by depositing BTC into a smart contract — allowing them to migrate the value of their BTC off the Bitcoin network and onto EVM compatible chains.

Although the platform is not the first cross-chain service provider to be exploited as a decentralized exchange, Back in July, THORChain suffered a $7.6 million hack. Just a couple of weeks later, THORchain was hacked again for around $8 million. Fortunately for the platform, the hacker turned out to be a white hat, promising to return the funds for a 10% bounty.

Binance Smart Chain has had more than its fair share of exploits so far this year. The ever-lengthening list of BSC exploits includes PancakeBunny, Cream Finance, bEarn, Bogged Finance, Uranium Finance, Meerkat Finance, SafeMoon, Spartan Protocol, BurgerSwap, Belt Finance, and now pNetwork.

Read: Stablecoin Feature in New York Times Signals Regulation Is Coming

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