We have shocking news for all the bitcoin traders. Pnetwork announced that they were hacked yesterday, and they also lost 277 abridged versions of bitcoin as a result. Their protocol found out that the hacker released a bug on their database and took complete control of the stolen bitcoin. They have not stopped working since then but have been appointed extra security measures.
How Did Pnetwork Get Hacked?
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
Pnetwork is a decentralized finance bridging protocol. The company eases up the mobility of crypto coins like Bitcoin and Ethereum. So, they have to extend their liquidity in a unique decentralized finance environment. Unfortunately, yesterday, they claimed to have fallen victim to a hack. As a result, they lost 277 bitcoins yesterday on Binance Smart Chain.
According to Pnetwork, the attacker left a bug in their database, ready to carry out this breach. As 277 bitcoins were getting ready to be bridged on Binance Smart Chain, the bug siphoned those coins.
But, no other network or coins were affected in this process. Their protocol team also announced that they have found the bug and are working on fixing it.
Their Message To The Hacker
Pnetwork did a good job finding the source of their bitcoin loss so fast, but they did even better by giving a proposal to the hacker. It’s true. The company agreed to provide the hacker with a bounty of $1,500,000 in exchange for returning the coins.
The company knows it’s a long shot but says that it’s all part of the business. So, they just want to expand the ecosystem continuously, and returning the stolen coins will be an initial step in that journey.
If the hacker happens to return the coins, it will indeed be an outstanding achievement. However, it won’t be the first time such a miracle has taken place. The recent hack of Miso, which is the new token issuance platform on sushi protocol, has also got a return of funds. Even in the hack of Polynetwork also, the hacker returned the stolen $600 million.
However, for both Polynetwork and Miso, they managed to get the hacker’s identity, but Pnetwork does not yet have any such information. Pnetwork is still saying that they will compensate the users but is not elaborating on the details.
What We Think
We think if Pnetwork manages to acquire some information on its attacker, maybe they will get the return. But it’s easier said than done. So, if the company manages to reimburse the users without obtaining a refund, it will be a miracle. We wish to get more updates on this hack soon so that we can keep you informed.