DeFi Platform PNetwork Exploited, Lost $12.7 Million

A latest hack attack on a Defi based platform, pNetwork can be seen where a hacker stole around $12.7 million worth of Bitcoin tokens.

In the present time, the Defi industry is growing more rapidly than the Cefi industry but due to hacking attacks on the Defi platforms, they are getting criticism from the community. MISO was last week’s victim, which faced a DeFi attack.

pNetwork is a DeFi concept based blockchain cross-chain platform. On the binance Smart chain network, it got exploited by hackers. Reportedly, Hacker stole around $12.7 million worth of Bitcoin.

pNetwork team informed their followers on Twitter that they faced a hack attack and Hacker grabbed almost all the collateral funds in Bitcoin.

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.
— pNetwork 🦜 (@pNetworkDeFi) September 19, 2021

Team confirmed that a bug is in their codebase. And they identified & fixed the bug. But they will wait for a total of 12 hours until they will recheck it.

pNetwork team clearly said that they will give a bounty reward to the hacker without any action with a total $1,500,000 fund. And also said that they will return the fund of their users affected in this attack.

In the present time, Defi based platform are getting huge hacking attack. Because of such kinds of attack, Binance team announced bounty reward program to help in find out the bugs in the BSC based projects.