BSC hit by a massive DeFi hack which stole $12.7 million in BTC

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.

pNetwork suffers a major hacking attack

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.

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.