Cross-Chain Protocol PNetwork Loses $12M in Hack

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

AccessTimeIconSep 20, 2021 at 11:03 a.m. UTC
Updated May 11, 2023 at 5:54 p.m. UTC
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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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    Sheldon Reback

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


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