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Massive crypto hacks are not as common as they used to be only a few short years ago, but they still happen. The latest evidence of this is a hit on the cross-chain DeFi platform, pNetwork, which was targeted on Binance Smart Chain (BSC).

The attack was quite big, robbing the network of $12.7 million (227 BTC) according to the project’s announcement on Twitter.

1/N 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).

The other bridges were not affected. All other funds in the pNetwork are safe.

Yesterday, September 19th, pNetwork informed its community via Twitter that an attacker managed to leverage a bug in the project’s codebase. In doing so, they targeted pBTC on BSC, stealing 277 BTC, most of which was collateral, according to the project.

Fortunately, other bridges do not seem to have been affected, and the remaining funds stored within the network are safe. Still, the network lost the majority of its Bitcoin collateral.

The team noted that a fix for the vulnerability is currently being developed. Meanwhile, the project addressed the hacker, offering them to keep 11.5% of the funds, but asking that they return the rest. The project said it is aware that the opportunity is a long shot, but the impact is so great that they are still willing to try it out. They offered 11.5% translates to $1.5 million.

4/N To the black hat hacker. Although this is a long shot, we're offering a clean $1,500,000 bounty if funds are returned.

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

So far, the team has not released new information regarding the incident, nor did it reveal whether the hacker had attempted to contact them and respond to the offer. The project has said that a plan to reimburse impacted individuals is in the works at the moment. Meanwhile, after the attack, the project’s token, PNT, saw a 19% price drop.

It is worth noting that this is not the only cross-chain platform to be attacked. Back in July, THORChain saw a similar attack that ended up costing it $7.6 million. Only a few weeks later, it suffered yet another $8 million attack. As for BSC, it has seen a number of exploits this year, including projects like Meerkat Finance, PancakeBunny, Belt Finance, Cream Finance, Bogged Finance, BurgerSwap, Spartan Protocol, SafeMoon, Uranium Finance, bEarn, and now, pNetwork, as the latest one.

The post BSC hit by a massive DeFi hack which stole $12.7 million in BTC appeared first on Invezz.

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