Latest DeFi hack targeting BSC sees $12.7M in Bitcoin stolen from pNetwork

Hackers on Binance Smart Chain have made a new target of cross-chain DeFi platform, pNetwork. They reported a loss of approximately $12.7 million in Bitcoin.

According to a Twitter thread by pNetwork published Sept. 20, 277 pBTC were siphoned off the exchange. pNetwork also stated that hackers took the majority of network collateral.

1/N An attacker was able leverage a bug within our codebase to attack pBTC-on-BSC, taking 277 BTC (mostly its collateral) Other bridges were not affected. All funds from the pNetwork remain safe.
— pNetwork (@pNetworkDeFi September 19, 2021

The hacker exploited a bug in the codebase. A fix was already being developed, according to the team. The hacker could also be allowed to keep 11.5% of the funds if they return them, according to pNetwork.

“To the black-hat hacker. We offer a $1,500,000 bounty to the hacker who returns funds, even though it is unlikely.

The team has not yet provided any additional details about the exploit as of this writing. The pNetwork team has yet to decide if it will reimburse affected users.

The pNetwork allows for the transfer of digital assets across multiple blockchains. Users can also mint pBTC using other wrapped token protocols. They can deposit BTC into smart contracts, which will allow them to move the BTC value off the Bitcoin network onto EVM-compatible chains.

In the last 24 hours, 18% has fallen in price for pNetworks governance token PNT token.

Related: The TVL and volume increases drive the rise in DeFi hacks for Binance Smart Chain

pNetwork isnt the only cross-chain platform that has been exploited. In July, THORChain was hacked for $7.6million. THORchain was hacked for another $8 million just a few weeks later. The hacker was a “white-hat” and promised to return the funds in exchange for a 10% bounty.

Binance Smart Chain has seen more exploits than it can count this year. BSC exploits are growing in number. These include PancakeBunny and Cream Finance.

Binance Smart Chain was also implicated in the Poly Network hack, which saw $253M stolen from BSC and over $600M stolen. However, the hacker returned almost all of the funds.