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pNetwork gets $12.7 million in Bitcoin stolen in the latest DeFi breach targeting BSC

On Binance Smart Chain, the cross-chain DeFi platform pNetwork becomes the latest protocol to get attacked by hackers. The platform, pNetwork reported a loss of $12.7 million in Bitcoin.

Hackers Steal $12.7 million in BTC

According to a pNetwork Twitter thread on September 20, the incursion resulted in the theft of 277 pBTC from the exchange. Moreover, the hackers made off with the majority of the network’s assets, according to pNetwork.

According to the team, the hackers carried out the assault by exploiting a flaw in the company’s code. Additionally, a remedy is already in the works. They also promised the hacker 11.5% of the stolen cash in exchange for the returned funds.

The team has not released any more information on the exploit as of this writing. The pNetwork team is yet to decide whether or not to compensate harmed users.

pNetwork and Their History

pNetwork makes it easier to transport digital assets between multiple blockchains. Users may mint pBTC by depositing BTC into a smart contract, similar to other wrapped token technologies. This allows them to move the value of their BTC off the Bitcoin network and onto EVM compatible networks.

In the last 24 hours, the price of pNetwork’s governance token PNT token has dropped 18%.

The pNetwork cross-chain platform isn’t the first to be used as a decentralised exchange. In July, hackers attacked  THORChain for $7.6 million. Fortunately for the platform, the hacker turned out to be a “white hat,” willing to return the cash in exchange for a 10% prize.

Many Hacks This Year

So far this year, the Binance Smart Chain has seen more than its fair share of abuses. PancakeBunny, Cream Finance, bEarn, Bogged Finance, Uranium Finance, Meerkat Finance, SafeMoon, Spartan Protocol, BurgerSwap, Belt Finance, and now pNetwork are among the ever-growing list of BSC exploits.

In early August, Binance Smart Chain was also engaged in the world-record-breaking Poly Network attack, which saw $253 million taken from BSC and more than $600 million stolen in total. Still, the benign hacker restored virtually all of the cash.

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