pNetwork, a decentralized finance system loses $12M due to a hack

Syed AhadWeb Editor

20th Sep, 2021. 06:43 pm

PNetwork, a decentralized finance (DeFi) system that enables multiple blockchains to connect with each other, stated that it lost 277 bitcoins ($12 million) after an attacker found a bug in its code.

As per the tweet of pNetwork, pBTC token on binance smart chain was targeted by the attacker bonds to other blockchains weren’t affected.

The company stated that the bug has been recognized and a fix proposed.

The hacker was offered a $1.5 million bounty by the company if he gives back the stolen funds.

“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,” it stated.

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