Cross-Chain Protocol PNetwork Loses $12M in Hack

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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