September 20, 2021

Binance Smart Chain (BSC) Targeted, RM52.2 Million Bitcoin (BTC) Stolen From PNetwork!

 It was pNetwork's turn to be the latest victim of hacking that resulted in the loss of Bitcoin (BTC) of up to over $ 12 million!

In the latest tweet uploaded today, pNetwork explained their protocol at Binance Smart Chain (BSC) had been hacked by irresponsible individuals resulting in a total of 277 BTC being stolen overnight.

1/N We're sorry to inform the community that an attacker was able to leverage a bug in our codebase and attack pBTC on BSC, stealing 277 BTC (most of its collateral).

The other bridges were not affected. All other funds in the pNetwork are safe.

- pNetwork 🦜 (@pNetworkDeFi) September 19, 2021

277 BTC equals $ 12.4 million, equivalent to RM52.2 million!

For information, pNetwork is a DeFi platform that connects various blockchains, while addressing the issue of decentralized technology compatibility.

pNetwork offers users to generate wrapped BTC, pBTC by depositing Bitcoin into its network. pBTC serves as a Bitcoin alternative in any blockchain compatible with Ethereum Virtual Machine (EVM).

It is said that the hacking was caused by the presence of bugs. However, it is not clear to what extent their team handled the issue.

However, they have offered hackers a reward of $ 1,500,000 if the stolen assets are returned immediately.

Following the incident, the PNT token saw its value fall by over 18% in 24 hours and traded at $ 0.97 at the time this article was written.

This is not the first hacking to happen. Earlier, Poly Network went blind when crypto assets worth RM2.5 billion disappeared overnight, making the incident the worst in the history of crypto.