Pnetwork Protocol Gets Hacked, Loses 277 Bitcoin on Binance Smart Chain

hooded computer hacker stealing information with laptop scaled

Pnetwork, a multi-chain bridging protocol, announced it was hacked yesterday, losing 277 pbtc (its bridged version of bitcoin) on Binance Smart Chain. The protocol acknowledged that an attacker managed to exploit a bug in its codebase to take control of the stolen bitcoin. The bridging contracts are currently working as usual but with extra security measures enabled.

Pnetwork Protocol Hacked: 277 Bitcoin Lost

Pnetwork, a decentralized finance bridging protocol, informed users it was the victim of a hack, losing 277 bitcoin in the attack. Pnetwork eases mobility of assets like bitcoin and ether among several chains. This contributes to extending the liquidity of each decentralized finance environment on different chains.

Pnetwork reported that a bug in its codebase was used to perpetrate this attack. The bug allowed the attacker to siphon 277 bitcoin that was being bridged to the Binance Smart Chain network. No other bridges or networks were affected in the process. The protocol’s team has already found the bug and introduced a patch to fix it. In a tweet, the team declared that:

Bridges are being extensively reviewed for that and similar exploits. The bridges will be gradually reactivated over the next few days.

A Proposal to the Hacker

Pnetwork also made a proposal to the attackers, asking them to return the funds in exchange for a bounty. It stated:

To the black hat hacker. Although this is a long shot, we’re offering a clean $1,500,000 bounty if funds are returned. Finding vulnerabilities is part of the game, unfortunately, but we all want the defi ecosystem to continue growing, returning funds is a step in that direction.

If such a return actually happens, it won’t be the first time. This happened with Polynetwork, another decentralized finance protocol, when the attacker returned more than $600 million that was stolen. Another instance is the recent hack of Miso, the new token issuance platform on the Sushi protocol.

However, this time the exploit was a little different. Miso’s team was able to link the possible identity of the attacker to the funds. Polynetwork had similar information. After this, funds were returned. In Pnetwork’s case, there has still not been a response at the time of writing. Pnetwork stated it is making it a priority to reimburse users, but has not elaborated on how.

What are your thoughts on the Pnetwork hack? Tell us in the comments section below.

Ronnie Huss

Ronnie Huss

Leave a Reply

Your email address will not be published. Required fields are marked *

Share:

Share on telegram
Share on facebook
Share on twitter
Share on linkedin
Share on whatsapp

Related Posts

bitcoin
Bitcoin (BTC) $ 66,651.86
ethereum
Ethereum (ETH) $ 3,210.26
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 576.22
solana
Solana (SOL) $ 149.64
usd-coin
USDC (USDC) $ 1.00
staked-ether
Lido Staked Ether (STETH) $ 3,200.09
xrp
XRP (XRP) $ 0.539764
dogecoin
Dogecoin (DOGE) $ 0.170330
the-open-network
Toncoin (TON) $ 6.57
cardano
Cardano (ADA) $ 0.495171
avalanche-2
Avalanche (AVAX) $ 38.08
shiba-inu
Shiba Inu (SHIB) $ 0.000024
bitcoin-cash
Bitcoin Cash (BCH) $ 536.87
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 66,408.79
tron
TRON (TRX) $ 0.113725
polkadot
Polkadot (DOT) $ 7.08
chainlink
Chainlink (LINK) $ 14.97
matic-network
Polygon (MATIC) $ 0.751940
litecoin
Litecoin (LTC) $ 85.02
internet-computer
Internet Computer (ICP) $ 13.28
near
NEAR Protocol (NEAR) $ 5.65
uniswap
Uniswap (UNI) $ 7.65
leo-token
LEO Token (LEO) $ 5.73
dai
Dai (DAI) $ 0.999137
ethereum-classic
Ethereum Classic (ETC) $ 28.97
aptos
Aptos (APT) $ 9.56
first-digital-usd
First Digital USD (FDUSD) $ 1.00
blockstack
Stacks (STX) $ 2.54
mantle
Mantle (MNT) $ 1.12
crypto-com-chain
Cronos (CRO) $ 0.137186
cosmos
Cosmos Hub (ATOM) $ 9.02
bittensor
Bittensor (TAO) $ 530.89
filecoin
Filecoin (FIL) $ 6.47
stellar
Stellar (XLM) $ 0.112235
okb
OKB (OKB) $ 52.78
arbitrum
Arbitrum (ARB) $ 1.15
vechain
VeChain (VET) $ 0.041853
render-token
Render (RNDR) $ 7.97
immutable-x
Immutable (IMX) $ 2.11
hedera-hashgraph
Hedera (HBAR) $ 0.084054
kaspa
Kaspa (KAS) $ 0.123684
maker
Maker (MKR) $ 2,904.48
dogwifcoin
dogwifhat (WIF) $ 2.58
pepe
Pepe (PEPE) $ 0.000006
the-graph
The Graph (GRT) $ 0.258216
ethena-usde
Ethena USDe (USDE) $ 1.00
optimism
Optimism (OP) $ 2.37
theta-token
Theta Network (THETA) $ 2.32
injective-protocol
Injective (INJ) $ 25.57