Hacker steals $12 million in wrapped bitcoin from DeFi platform pNetwork

Quick Take

  • DeFi platform pNetwork was attacked for 277 bBTC — a version of wrapped bitcoin — yesterday.
  • It has offered a $1.5 million bounty for the funds to be returned.

pNetwork, a cross-chain decentralized finance (DeFi) protocol, announced late Sunday that it suffered an attack and lost 277 pBTC (worth over $12 million at current prices).

pBTC is a version of wrapped bitcoin in the pNetwork ecosystem. Wrapped bitcoin is a token on a smart contract blockchain that is backed by an equivalent amount of bitcoin. It's created so that the bitcoin can be used in DeFi protocols, to generate yield for instance. In this case, the pBTC exists on various blockchains, including Ethereum and Binance Smart Chain (BSC).

pNetwork did not detail how the attack took place but said a hacker was able to leverage a bug in its codebase and drained pBTC from the BSC blockchain. "The other bridges were not affected. All other funds in the pNetwork are safe," it added.

The bug has been identified and a fix has been proposed for review, said pNetwork. It expects the bridges to be back up in approximately 12 hours.

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