The cross-chain DeFi protocol, pNetwork, has informed that it has become the latest victim of a security breach. By leveraging a codebase bug, the unknown perpetrator has stolen 277 bitcoins.
- As announced by the team behind the project, the hacker “was able to leverage a bug in our codebase and attack pBTC” on the Binance Smart Chain (BSC). Ultimately, he managed to take 277 bitcoins, most of which were collateral.
- Even with today’s prices when the cryptocurrency dumped by $4,000 in 24 hours, this substantial amount has a USD value of over $12 million.
- The project updated later that it had identified the bug, proposed a fix, and was waiting for “everyone to review it.”
- pNetwork reassured that all other bridges of its network were not affected and the remaining funds stored are safe. Additionally, the breached bridges should become operational once again soon.
- The team also had a message to the “black hat hacker,” offering a “clean” $1.5 million bounty if they return all funds.
- While pNetwork admitted that the chances of such a scenario are slim, it wouldn’t be a precedent. As reported before, Poly Network was also exploited for more than $600 million in different digital assets. However, Mr. White Hat, as the project named the perpetrator, ultimately returned all funds and even rejected the offered bounty.
- It’s worth noting that the native cryptocurrency of pNetwork – PNT – has dumped by 20% on a 24-hour scale and currently sits below $1.