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George Spencer

September 21, 2021

$12 Million Stolen From DeFi Platform

277 btc which is worth more than $12m was stolen from pNetwork, a decentralized finance (DeFi) protocol.

The theft was announced on September 19 via Twitter, attributing the hack to a codebase vulnerability. The robbery was carried out on Binance Smart Chain, which featured in the biggest ever DeFi heist in history – the $610m Poly Network hack that took place in August.

pNetwork supports several blockchains, including xDAI, EOS, Ethereum, Polygon, Binance Smart Chain, Telos and Ultra. Wrapped tokens increase interactiveness between different blockchains by making it possible for currency created on one blockchain to be able to cross onto another.

pNetwork said that they are 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.

The DeFi platform claimed it had identified the bug but would keep certain data bridges confidential until a reliable fix has been found. In an attempt to recover the stolen cryptocurrency, the platform publicly offered to pay the hacker 12.5% of their total illegal haul. 

The platform said on Twitter: “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 the DeFi ecosystem to continue growing, returning funds is a step in that direction.”

pNetwork has began an investigation described as a detailed post-mortem. The platform wants to assure everyone that they are prioritizing security over speed at the moment.

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“Bridges are being extensively reviewed for that and similar exploits. A detailed post-mortem will be shared tomorrow. Updates to follow on the gradual reactivation of all other bridges,” said pNetwork.