DeFi platform pNetwork announced a cyberattack, which included 277 pTokens BTC (pBTC) stolen.
pNetwork announced via Twitter that the platform suffered a significant cyberattack on Sept 19. According to the post from pNetwork’s official account, “we’re sorry to inform the community that an attacker was able to leverage a bug in our codebase and attack pBTC on BSC, stealing 277 BTC (most of its collateral).”
However, the post added that no other bridges were affected. According to pNetwork all other funds on the network remain secure. It also said they identified the issue and are working on fixing the situation. pNetwork went on to say that the bridges would all be re-activated as soon as the risk is gone.
Updates from pNetwork
In a series of follow-up posts, pNetwork reached out to the black hat hacker and offered a $1.5 million bounty for returned assets. “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,” the post reads.
pNetwork pledged to run with extra security measures for the first few days after re-activation. This will naturally lead to slower transactions processing in exchange. The platform also vowed to do whatever they can to make users who lost money “whole.”
In the fallout of the hack, the price of pNetwork’s PNT token has fallen nearly 20% in the last 24-hours. At the time of writing, the price of PNT has fallen below $1.00 to $0.91 with a market cap of $30.74 million.
The hack comes around a month after Poly Network lost around $600 million in crypto in a heist. In total, $273 million in ETH, $253 million in BSC tokens, and $85 million in USDC went missing. Luckily for all involved, the hacker returned the funds. The network even offered the thief a job as its Chief Security Advisor.