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Cross-Chain Protocol PNetwork Loses $12M in Hack

The company said that it had identified the bug that the hacker exploited and fixed it.

By Sheldon Reback
AccessTimeIconSep 20, 2021 at 11:03 a.m. UTC
Updated May 11, 2023 at 5:54 p.m. UTC
(Minerva Studio/Shutterstock)
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PNetwork, a decentralized finance (DeFi) system that allows different blockchains to communicate with each other, said it lost 277 bitcoins ($12 million) after an attacker found a bug in its code.

  • The attack targeted its pBTC token on Binance Smart Chain, pNetwork said in a tweet. Bridges to other blockchains weren’t affected.
  • The company said that it had identified the bug and fixed it.
  • PNetwork offered a $1.5 million bounty to the hacker if the stolen funds are returned.
  • “Finding vulnerabilities is part of the game unfortunately, but we all want DeFi ecosystem to continue growing, returning funds is a step in that direction,” pNetwork said.
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    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Sheldon Reback
    Sheldon Reback

    Sheldon Reback is a CoinDesk news editor based in London. He owns a small amount of ether.

    Follow @sheldonreback on Twitter

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