Cross-Chain Protocol PNetwork Loses $12M in Hack

PNetwork, a decentralized finance (DeFi) system that allows different blockchains to communicate with each other, said it lost 277 bitcoins ($12 million) after an attacker found a bug in its code.

• The attack targeted its pBTC token on Binance Smart Chain, pNetwork said in a tweet. Bridges to other blockchains weren’t affected.
• The company said that it had identified the bug and fixed it.
• PNetwork offered a $1.5 million bounty to the hacker if the stolen 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,” pNetwork said.