$12.4M Lost as DeFi Platform pNetwork Suffers Exploit

$12.4M Lost as DeFi Platform pNetwork Suffers Exploit

THELOGICALINDIAN - The antagonist targeted a arrangement acceptance for assets to be transferred amid Bitcoin and Binance Smart Chain

pNetwork is the latest cross-chain DeFi activity to ache a multi-million dollar hack.

pNetwork Suffers Hack 

pNetwork, a cross-chain asset alteration protocol, has suffered an exploit.

The DeFi activity appear that $12.4 actor account of captivated Bitcoin had been baseborn afterwards a drudge on its arch arrangement backward Sunday. The arrangement lives on Binance Smart Chain.

pNetwork enables the cross-chain alteration of Bitcoin and added assets beyond added Layer 1 blockchains such as Ethereum and Binance Smart Chain through called tokens (pTokens). Anyone can use pNetwork to lock their Bitcoin as accessory in the specific arch arrangement and excellent tokenized Bitcoin, additionally accepted as pBTC.

Due to a aegis vulnerability in the arch abutting Bitcoin and Binance Smart Chain, the alien hacker was able to abstract the majority of the deposited Bitcoin.

Though the aggregation has not yet appear absolute details, it said it had anchored the bug, abacus that a post-mortem address would follow. It additionally offered the hacker a $1.5 actor compensation for the safe acknowledgment of the funds, and said that the bridges would run with “extra aegis measures in abode for the aboriginal few days.”

pBTC is one of abounding tokenized Bitcoin projects that allows the top crypto asset to be acclimated in DeFi applications beyond assorted chains.

Cross-chain interoperability for assets like Bitcoin is admired as one of crypto’s top problems to solve, but so far, few foolproof solutions accept emerged. Implementing cross-chain bridges is complicated because it requires coaction amid assorted networks and contracts. Many bridges alms interoperability amid blockchains accommodation on security, which makes them affected to attacks.

The pNetwork is alone the latest in a account of several cross-chain activity exploits. In August, the interoperability activity Poly Network was afraid for $610 actor in what was declared as the better DeFi break-in ever; the hacker after alternate the funds.

In accession to Poly Network, ChainSwap, AnySwap, THORChain accept all suffered attacks account millions of dollars in contempo months.

pNetwork’s babyminding badge PNT has additionally been hit adamantine by the incident, currently trading about 20% in the red at $0.91.