pNetwork Losses $12m After Yet Another Crypto Hack On DeFi Protocols

2021-09-20 21:21:00
Another DeFi Operator Loses Millions

It seems like decentralized finance cyber attacks are getting more frequent by the day. pNetwork is the latest in the long list of hacked DeFi protocols to report a crypto hack that left this cross-chain without $12m in bitcoin.

More specifically, by using a bug in the basecode, the hacker took 277 bitcoin from pNetwork. And despite the price dump of bitcoin by almost $4.000 in the past 24 hours, the figure still amounts to a hefty $12m. As per the words of the pNetwork representatives:

The hacker was able to leverage a bug in our codebase and attack pBTC on the Binance Smart Chain (BSC).pNetwork Representatives

Furthermore, the pNetwork team recognizes the bug and started the procedure of fixing the problem. The company states that it is ‘waiting for everyone to review it’ before a final conclusion can be made. In addition, pNetwork also rest assures that everything else is in perfect order. Meaning that all of the other network bridges are intact, along with the remaining funds.

pNetwork

pNetwork offers the hacker a whopping $1.5m bounty, for the purpose of returning the funds. However, it seems like the pNetwork team is not quite optimistic that the hacker will accept this proposal. While it did happen in the past for a hacker to return the missing funds (such as with Poly Network and the $600m crypto heist), this time chances for that are rather slim.

A Long List Of Damaged Protocols

While the damage in this latest bitcoin pNetwork hack is somewhat collateral, that still doesn’t explain the frequent attacks on DeFi operators. pNetwork is just the latest DeFi protocol from a long list to suffer such a fate, by losing $12m in the crypto hack.

Yet, that is nothing if you compare with some of the other DeFi attacks in the past couple of months. Just take a look below at some of the biggest DeFi cyber attacks that happened recently:

PolyNetwork – $610m
Cream Finance – $66.5m
DAO Maker – $7m
Neko Network – $2m
NowSwap – $1m

 

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