One of Binance’s Smart Chain initiatives, pNetwork, was hacked, and more than $12 million in bitcoin equivalent was stolen. The event was reported on Twitter by pNetwork representatives.
The PNT coin is at the heart of pNetwork, a cross-chain decentralized financial platform. pNetwork validators use wrapped pTokens to facilitate move assets from one blockchain to another. xDAI, Polygon, BSC, Ethereum, EOS, Ultra, and Telos supported blockchains. On the other hand, the hacker targeted pBTC, one of the wrapped bitcoin variants intended for use in DeFi protocols, to which the cryptocurrency is assigned.
The attacker took advantage of a flaw in the code, then targeted pBTC on the Binance Smart Chain platform, stealing 277 BTC. At the same time, the remainder of the bridges to which the initiative gives users access were unaffected. The team quickly reassured the community that the remaining protocol funds were secure.
The hacker’s exact method for removing pBTC off the BSC chain has not been revealed, but the issue was found, according to pNetwork executives. They now expect all blockchain bridges to be operational within 12 hours, following which the system will resume normal operations.
The creators of pNetwork approached the cracker with an offer of a $1.5 million prize if he agreed to return the stolen cash and correct a bug in the code and devise a strategy to refund the stolen funds to users.
Although it does not appear that the team depends much on the attacker’s “nobility.” They admitted that discovering vulnerabilities is part of the game, but they still want the DeFi ecosystem to flourish, and cashback is one step in that direction.
PNT’s value and capitalization plummeted by more than 20% following the breach, according to CoinMarketCap. Its current price is $0.92, and its market capitalization is $31.2 million.