pNetwork DeFi Platform Loses $12.7 Million To Hackers

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In yet another incident of DeFi hack, pNetwork, a cross-chain composability platform has lost over $12,7 million to hackers. The hackers on the Binance Smart Chain targeted the platform and have reportedly made away with $12.7 million worth of Bitcoins. 

Taking to Twitter, pNetwork confirmed on Sept. 20 that they have been hacked and the perpetrators have made away with 227 Bitcoins from the exchange. The value is estimated to be about $12.7 million. pNetowrk also said that it was almost all of the collaterals on their network. 

Explaining how the hackers were able to execute the hack, the team explained that it was because of a bug in their codebase. However, the team has confirmed that they are already working on fixing the issue. pNetwork has also appealed the hackers to return the funds and have offered a 11.5% recompensation to hackers if they return it back.

“To the black hat hacker. Although this is a long shot, we’re offering a clean $1,500,000 bounty if funds are returned,” the team said.

The hackers have not responded and the team has not come up with any further updates. Hacking and scams in DeFi are not uncommon. However, recently there has been a spike in such activities. While DeFi protocols are actively working on securing their networks, there is still a long way to go. 

Utsav K.
Utsav K.
Utsav is a senior crypto journalist and has been an active member in the community from even before the first major crypto boom back in 2017. In his writings, he focuses on analysing price trends and investigating policies. If you want to understand the practical implications and uses of complex technical protocols, he is your guy.

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