DeFi Protocol pNetwork Loses $12 Million In Tokenized Bitcoin

One of the threats that the crypto community face is the attack of cybercriminals. Many exchanges, projects, and apps often face one vulnerability exploitation or the other. Recently, BSC-based cross-chain pNetwork lost at least $12.7 million of tokenized Bitcoin to attackers. They have joined the many networks targeted and exploited by hackers in the crypto industry. Related Reading | September Leaves Behind Trail Of Blood, Bitcoin Long Liquidations pNetwork promotes digital assets movement throughout different blockchains. Just like several other wrapped token protocols, they allow users to mint pBTC through deposits of BTC in a smart contract. This process allows the users to migrate their BTC value away from the Bitcoin platform and place it on EVM-compatible chains. The information about the hack went live through a Twitter announcement by pNetwork, lamenting the loss of up to 277 pBTC. From the tweets, we learned that the hackers made away with most of pNetwork’s collateral. According to the pNetwork team, the hackers exploited a bug within the network’s codebase. The tweet reads: “They attacked pBTC on BSC, siphoning up to 277 bitcoin which is serving as collateral. But other bridges weren’t touched, though, since the other funds are intact.” pNetwork Team To Fix The Problems According to the pNetwork team, they are already fixing the problem. They also offered $11.5% of the siphoned funds t...