Roughly $11,800,000 Worth of Bitcoin Stolen From DeFi Platform in Latest Crypto Hack

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Roughly $11,800,000 Worth of Bitcoin Stolen From DeFi Platform in Latest Crypto Hack

A cross-chain decentralized finance (DeFi) platform says it has lost millions of dollars worth of Bitcoin (BTC) to hackers.

pNetwork, which allows the teleporting of any digital asset to a different blockchain, says in a tweet that an attacker stole 277 Bitcoin wrapped as pBTC on the Binance Smart Chain (BSC).

“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.”

The total value of the haul is approximately $11.84 million with Bitcoin trading at $42,735 at time of writing according to CoinGecko.

The cross-chain decentralized finance platform says it will offer a bounty to the attacker if they return the funds.

“To the black hat hacker. Although this is a long shot, we’re offering a clean $1,500,000 bounty if funds are returned. Finding vulnerabilities is part of the game, unfortunately, but we all want DeFi ecosystem to continue growing, returning funds is a step in that direction”

pNetwork also says that it is “working on a solution for users who were affected by the attack”.

Besides offering wrapped Bitcoin on the Binance Smart Chain, pNetwork’s pBTC is also available on the Ethereum (ETH), EOS, Telos (TLOS) and Polygon (MATIC) blockchain platforms.

Other wrapped digital assets on the pNetwork platform besides Bitcoin include Litecoin (LTC), Band Protocol (BAND) and stablecoins.

The total value locked on the pNetwork DeFi platform is slightly over $175 million.

 

 


Featured Image: Shutterstock/local_doctor


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