pNetwork Was Attacked And Lost 277 pBTC Worth Over $12 Mln

pNetwork, a cross-chain decentralized finance (DeFi) protocol, was attacked and lost 277 pBTC worth over $12 mln. This was announced by the developers of the project on their Twitter page. pBTC is a version of the wrapped bitcoin in the pNetwork ecosystem. pBTC exists on various blockchains including Ethereum and Binance Smart Chain (BSC).

According to pNetwork, the hacker was able to exploit a bug in the codebase and take pBTC out of the BSC blockchain. The rest of the bridges have not been damaged and the funds are safe. The developers also reported that a bug was found and an update was suggested. The pNetwork team promised the hacker a reward of $1.5 mln if he returned the stolen funds.

According to CoinGecko, the price of the PNT governance token, which runs on Binance Smart Chain, has dropped more than 19% in the last 24 hours. At the time of this writing, the token price is $0.93.

Image: Revain