NewsSep 20

Over $12 Million Stolen From The Latest DeFi Hack Targeting BSC-based pNetwork

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Over $12 Million Stolen From The Latest DeFi Hack Targeting BSC-based pNetwork

Summary

· pNetwork loses more than 277 pBTC in the latest DeFi hack

· The network confirmed the hack through its social media pages

· pNetwork offers 11.5% as a reward if the hacker returns the tokens

· PNT price plunges by 18% in 24hrs after hack

More than $12 million worth of tokenized bitcoin has been stolen from pNetwork, a BSC-based cross chain composability network.

pNetwork DeFi platform has become the latest victim of a series of hacks targeting the decentralized finance ecosystem. Announcing the hack, the network confirmed that more than 277 pBTC worth around $12 million had been siphoned from the network, with the hacker managing to take away most of the collateral on the network.

According to a tweet on the pNetwork page, the hacker exploited a bug in the codebase. They added that a fix was already in progress. The network also offered the hacker a deal where they can keep 11.5% of the stolen funds if they refund the stolen tokens. “To the black hat hacker. Although this is a long shot, we're offering a clean $1,500,000 bounty if funds are returned.”

The team has yet to issue any further details on the hack, and the network has yet to communicate whether it intends to reimburse the affected users. Following the hack, the price of PNT, pNetwork’s governance token, has taken an 18% hit.

Kibet Elikana
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