In Brief:
- pNetwork had become a victim of the cyberattack, in which they have lost around 277 Bitcoin.
- The attacker had used a Bug in the network to stole BTC.
- pNetwork offers $1.5 million Bug bounty to hacker if an attacker return all the stolen fund.
pNetwork, decentralized finance (DeFi) protocol had posted a tweet, which revealed that it had suffered a cyber attack and a hacker stole 277 pBTC by exploiting a bug, which has an estimated value of $12 million.
According to a tweet, the hacker had taken advantage of a bug in the protocol’s codebase to steal pBTC tokens, which are the wrapped Bitcoins. This pBTC were stored in Binance smart Chain (BSC).
Wrapped assets are one of the prominent applications of DeFi. Wrapped bitcoin is a token on a smart contract blockchain that is backed by an equivalent amount of bitcoin. Wrapped tokens are created to use the tokens in the native DeFi protocol.
pNetwork did not reveal how this incident happened, but they have ensured that they have identified the bug and fixed it. It also pulled out the rest of pBTC from the BSC. “The other bridges were not affected. All other funds in the pNetwork are safe,” it added. They said that pNetwork will be live on BSC in the next 12 hours.
Also Read: Sushiswap’s Miso Launchpad Loses $3 Million In An Attack
pNetwork had also announced a $1.5 million Bug bounty for attackers if the attacker returns the stolen funds. “Finding vulnerabilities is part of the game, unfortunately, but we all want DeFi ecosystem to continue growing, returning funds is a step in that direction,” it said.
After the news of the attack on pNetwork, the price of pNetwrork’s governance token PNT, which runs on Binance Smart Chain, has fallen over 18% in the last 24 hours. The current price of PNT is nearly $0.97.
