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.

Crypto Hacks Totaled $19B Since 2011: Crystal Intelligence

00:56

Over $67M in Crypto Lost to Hacks and Exploits in February: Immunefi Report

00:59

Running With Crypto: 5 Questions With TRM Labs' Ari Redbord

09:43

Hacks Involving North Korea Are 'Even Greater Problem': Legal Experts

02:01

Breaking Down the State of Hacking in 2024

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

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.

Cross-Chain Protocol PNetwork Loses $12M in Hack

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

Crypto Hacks Totaled $19B Since 2011: Crystal Intelligence