THELOGICALINDIAN - DeFi bridging Agreement pNetwork is the best contempo agreement to be targeted by a cyber attackAn alien hacker has baseborn about 127 actor account of tokenized Bitcoin from the Binance Smart Chainbased crosschain platform
According to a Twitter cilia appear by pNetwork on September 20, the hacker exploited a bug in the network’s codebase. As a result, they got abroad with 277 BTC from the exchange. They additionally fabricated off with the majority of the network’s collateral, pNetwork added.
In the meantime, pNetwork has offered the hacker $1.5 actor in barter for the baseborn funds. This amount is about 11.5% of the funds. There is currently no advice on whether the antagonist responded to this action or not.
At the time of writing, the latest amend from the protocol’s Twitter annual declared the actuality of a proposed fix cat-and-mouse for review.
Similar Smart-Chain Hacks
pNetwork is not the aboriginal cross-chain belvedere to be exploited. In July, decentralized barter THORChain absent $7.6 actor in a hack. Just a anniversary later, the barter was afraid afresh for about $8 million. The hacker, however, promised to acknowledgment the funds for a 10% bounty.
DeFi protocol, Poly Network was additionally complex in a record-breaking drudge in aboriginal August. The hacker transferred over $600 actor in assets to Polygon, Ethereum, and Binance Smart Chain (BSC) addresses. Although, the hacker eventually alternate about all the baseborn funds.
Related Reading | Poly Network Hacker Returns Stolen Funds After Requesting A Multisig Wallet
This year alone, there accept been several added Binance Smart Chain hacks. This account includes PancakeBunny, Cream Finance, bEarn, Bogged Finance, Uranium Finance, Meerkat Finance, SafeMoon, Spartan Protocol, BurgerSwap, and Belt Finance.
About pNetwork DeFi Protocol
Decentralized accounts (DeFi) is a blockchain-based anatomy of accounts that does not await on axial banking intermediaries or acceptable banks to action acceptable banking instruments. Instead, it uses acute affairs on blockchains.
pNetwork enables the alteration of assets into 10 accurate blockchains, including Bitcoin, Ethereum, Dogecoin, and abounding more. According to pNetwork’s website, the absolute amount of cryptocurrencies bound in the protocol’s cross-chain bridges is about $190 million. Fortunately, best of them are safe back the drudge alone afflicted pBTC tokens on BSC.
