Another BSC-based altcoin has been hacked. About $12.7 million worth of tokenized Bitcoin was stolen from the inter-chain connectivity platform pNetwork. The altcoin price plummeted after the event.
Another BSC-based altcoin has been hacked!
The pNetwork cross-chain platform is the latest altcoin project targeted by hackers at Binance Smart Chain. The project reported that it lost an estimated $12.7 million worth of Bitcoin in the hack. According to a Twitter post by pNetwork on September 20, 277 pBTC was withdrawn from the exchange as a result of this attack. According to pNetwork, the hackers got away with most of the network’s collateral.
The team noted that the attack was carried out by exploiting a bug in the codebase, adding that a fix is currently in progress. pNetwork also reported 11% of stolen funds if hackers returned the funds. It allows them to hold 5 of them. The Altcoin team made the following statement on the subject:
To a black hat hacker. While this is unlikely, we offer a net reward of $1,500,000 if funds are returned.
Altcoin price crashed due to hack attack!
As of this writing, the team has not offered any additional details regarding the exploit. The pNetwork team has yet to discuss whether it plans to refund affected users. pNetwork makes it easy to move cryptocurrencies between different Blockchains. As with other wrapped token protocols, users can print pBTC by depositing their BTC in a smart contract, allowing them to transfer the value of their BTC from the Bitcoin network to EVM-compatible chains. The price of PNT Token, pNetwork’s management token, has dropped 18% in the last 24 hours.
The decentralized exchange THORChain experienced a similar incident recently and was hacked for $7.6 million in July. Just a few weeks later, THORchain was hacked again, with losses of around $8 million. Fortunately for the platform, it didn’t turn out badly, as the hacker turned out to be a white hat hacker, promising to return the funds for a 10% reward.
Binance Smart Chain suffered more than enough hacks this year
As we have previously reported , Binance Smart Chain has suffered more than enough hack attacks this year. The ever-expanding BSC hacks include PancakeBunny, Cream Finance, bEarn, Bogged Finance, Uranium Finance, Meerkat Finance, SafeMoon, Spartan Protocol, Poly Network, BurgerSwap, Belt Finance and now pNetwork.