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Cross-Chain Protocol PNetwork Loses $12M in Hack
The company said that it had identified the bug that the hacker exploited and fixed it.
PNetwork, a decentralized finance (DeFi) system that allows different blockchains to communicate with each other, said it lost 277 bitcoins ($12 million) after an attacker found a bug in its code.
- The attack targeted its pBTC token on Binance Smart Chain, pNetwork said in a tweet. Bridges to other blockchains weren’t affected.
- The company said that it had identified the bug and fixed it.
- PNetwork offered a $1.5 million bounty to the hacker if the stolen 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 said.
Sheldon Reback
Sheldon Reback is CoinDesk editorial's Regional Head of Europe. Before joining the company, he spent 26 years as an editor at Bloomberg News, where he worked on beats as diverse as stock markets and the retail industry as well as covering the dot-com bubble of 2000-2002. He managed the Bloomberg Terminal's main news page and also worked on a global project to produce short, chart-based stories across the newsroom. He previously worked as a journalist for a number of technology magazines in Hong Kong. Sheldon has a degree in industrial chemistry and an MBA. He owns ether and bitcoin below CoinDesk's notifiable limit.
