pNetwork Suffered Loss In Bitcoins Worth $12 Million

While Hackers allegedly violated the protocol and seized $12.7 million in Bitcoin, pNetwork thus became the newest victim of the DeFi hack. Whilst suffering a loss of $12 million in bitcoins, the company claims it will reward the hacker with a bug bounty of $1.5 million if the funds are recovered. 

On the 19th of September 2021, at 5:20 pm UTC, a hacker conducted a multi pTokens attack on the pNetwork system. The pBTC-on-BSC cross-chain bridge, used by the bridge and 277BTC taken from the pBTC-on-BSC collateral, was the one successful. However, the suspicious activity was detected and the technical team intervened.

In the most recent security incident involving a decentralized funding system, the cross-chain project pNetwork stated on Sunday that the organization has indeed been hacked and has suffered losses worth 277 pBTC, a kind of packaged bitcoin, with a loss of more than $12 million. 

In a series of tweets announcing the incident, pNetwork said, “We’re sorry to inform the community that an attacker was able to leverage a bug in our codebase and attack pBTC on BSC, stealing 277 BTC (most of its collateral). The other bridges were not affected. All other funds in the pNetwork are safe.” 

“The bridges will run with extra security measures in place for the first few days,” pNetwork said in a follow-up post. “This means slower transactions processing in exchange for higher security.” 

For transactions that function on smart contracts on the Platform, the pBTK tokens are an equival

[…]
Content was cut in order to protect the source.Please visit the source for the rest of the article.

Read the original article: pNetwork Suffered Loss In Bitcoins Worth $12 Million