DeFi project pNetwork reported a hacker attack. Losses amounted to more than $ 12 million

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A project from the pNetwork decentralized finance space reported a hacker attack, as a result of which 277 pBTC worth over $ 12 million at the current exchange rate were stolen from its reserves.

pBTC is a tokenized version of bitcoin in the pNetwork ecosystem and is backed by the corresponding volume of the original cryptocurrency. Due to the peculiarities of the protocol device, pBTC exists on several blockchains, including Ethereum, BSC, EOS, Polygon, Telos, xDAI and Ultra. PNetwork validators help move assets between blockchains using p-tokens, one of which is pBTC.

pNetwork did not explain exactly how the attack happened, only noting that the attacker took advantage of a bug in their codebase and removed pBTC from BSC.

“Other bridges were not affected. All remaining assets in pNetwork are safe, ”the developers write.

The root cause of the problem has already been identified, a solution is being prepared, and the bridges are planned to be operational within 12 hours, they add.

In addition, the project promised a reward of $ 1.5 million under the bug-catching program if the hacker retrieves the stolen assets:

“Unfortunately, finding vulnerabilities is part of the game, but we all want the DeFi ecosystem to continue to grow. Refunds are the next step in this direction. “

The price of pNetwork’s own token (PNT) decreased by 16.5% per day.

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