Latest pNetwork hack sees $12.7M in Bitcoin stolen
pNetwork, a cross-chain DeFi platform, has now become the latest target of hackers on Binance Smart Chain, reporting a loss of $12.7 million worth of Bitcoin.
According to a Twitter thread on September 20 by pNetwork, the incident resulted in 277 pBTC siphoned from the exchange. pNetwork added that the hackers had majorly made off with largely network’s collateral.
pNetwork informed that it had offered the hacker 11.5 per cent of the stolen funds for returning the stolen funds.
When this was being written, nothing was yet discussed from pNetwork on whether it is planning to reimburse impacted users. pNetwork’s governance token PNT price has plunged to 18 per cent in the last 24 hours.
pNetwork isn’t the first cross-chain platform that has been exploited. THORChain had also gone through a $7.6 million hack in July. Within a couple of weeks, THORchain had been hacked again for about $8 million. Luckily for the platform, the hacker was a “white hat”, and had promised to return the funds for a 10 per cent bounty.
The increasing number of Binance Smart Chain (BSC) exploits include Bogged Finance, Cream Finance, PancakeBunny, Uranium Finance, bEarn, SafeMoon, Meerkat Finance, BurgerSwap, Belt Finance, Spartan Protocol, and now pNetwork.
BSC had also been involved in the record-breaking Poly Network hack that happened in early August. The hack saw $253 million stolen from BSC and more than $600 million stolen overall, although the hacker had returned nearly all the stolen funds.