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One of the threats faced by the crypto community is the attack of cybercriminals. Many exchanges, projects, and applications often encounter an exploit for one vulnerability or the other.
Recently, pNetwork via BSC-based chains lost at least $12.7 million worth of the most prestigious bitcoin to attackers. They have joined many networks targeted and exploited by hackers in the crypto industry.
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pNetwork promotes the movement of digital assets across different blockchains. Just like many other encapsulated token protocols, it allows users to mint pBTC by depositing BTC into a smart contract. This process allows users to migrate their BTC value away from the Bitcoin platform and put it into EVM-compliant chains.
Information about the hack was posted on Twitter advertisement By pNetwork, regretted losing up to 277 pBTC. From the tweets, we learned that hackers have dumped most of pNetwork’s safeguards.
According to the pNetwork team, hackers exploited a bug inside the network’s code base. The tweet says:
“They attacked pBTC on BSC, seizing as many as 277 bitcoins which act as collateral. The other bridges are untouched, though, because the other funds are intact.”
pNetwork Troubleshooting Team
According to the pNetwork team, they have already fixed the issue. They also offered 11.5% of the stolen money to hackers if they could return the stolen money.
They advanced to address the black hat hacker, “We are willing to offer a $1,500,000 reward if they can return the stolen money.”
At the moment, there are no updates from the pNetwotk team regarding the exploit. They have not yet talked about plans to pay users affected by the theft.
Hack Effects
After the exploit, pNetwork’s governance PNT token has gone down in the last 24 hours.
pNetwork has lost almost 8% of its price in last 24 hours following the hack | Source: PNTUSD on TradingView
pNetwork is not the only multi-threading platform that has fallen victim to these exploits. For example, THORChain, a decentralized exchange, was a victim of hackers last July. After the first hack, the platform was hit with another $8 million hack.
However, THORChain was lucky to be hacked by a “white hat” hacker, who promised to return the stolen money in exchange for a reward of 10% of the stolen money.
Binance Smart Chain has seen many unexpected feats this year. BSC theft victims include pNetwork, Belt Finance, BurgerSwap, Spartan Protocol, SafeMoon, Meerkat Finance, Uranium Finance, Bogged Finance, bEarn, Cream Finance, and PancakeBunny.
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Furthermore, there was another record-breaking Poly Network hack in early August. This hack resulted in a $253 million loss from BSC and more than $600 million in total losses. Fortunately, the hacker returned almost all of the stolen money.
Featured image from Revain, charts from TradingView.com
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