DeFi hack: Hackers steal $12.7m from pNetwork

TL;DR Breakdown DeFi platform pNetwork hit by crypto hackers.Hackers stole 277 Bitcoin worth $12.6m.Series of platform on Binance Smart Chain has been subject to DeFi hack in 2021. pNetwork, a cross-chain Defi protocol, has become the latest to be hit by hackers. The DeFi hack was announced on Sunday in a tweet as the thief made away with 277 Bitcoin worth $12.67 million. What the hacker stole on the Binance Smart Chain network, according to the DeFi platform, is the majority of the network’s collateral, according to pNetwork’s tweet. 1/N 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.— pNetwork (@pNetworkDeFi) September 19, 2021 Like in almost every DeFi hack operation, the team stated that the attack was executed by exploiting a bug in its codebase. pNetwork wrote that a fix is in progress already as they also appealed to the hacker to keep 11.5 percent of the stolen funds if they are going to return the funds. The firm is yet to give more elaborating details of the Defi hack at press time, and also, they are yet to discuss whether they plan to reimburse impacted users. However, the protocol confirmed safety for other funds. Since the report of th DeFi hack, the price of pNetwork’s governance token PNT token has plunged 18 ...