This article comes fromThe Block, original author: Yogita Khatri
Odaily Translator | Nian Yin Si Tang
Summary:
This article comes from
, original author: Yogita Khatri
Odaily Translator | Nian Yin Si Tangsecondary titleSummary:
- The DeFi cross-chain protocol pNetwork was hacked a few days ago and 277 pBTC were stolen.
- The official stated that if the attacker returns the funds, a bounty of $1.5 million will be offered to the attacker.
Cross-chain DeFi protocol pNetwork later Sunday
, losing 277 pBTC (worth over $12 million at current prices).latest progresspBTC is a version of "wrapped Bitcoin" in the pNetwork ecosystem. A "wrapped bitcoin" is a token on a smart contract blockchain backed by an equivalent amount of bitcoin. It was created so that Bitcoin can be used in DeFi protocols, for example to generate yield. In this case, pBTC exists on various blockchains, including Ethereum and Binance Smart Chain (BSC).
As of press time, pNetwork has not detailed how the attack occurred, but said hackers were able to exploit a vulnerability in its codebase and siphon pBTC from the BSC blockchain. "Other cross-chain bridges were not affected. All other funds in the network are safe," the project added in announcing the theft. "The vulnerability has been identified and a fix has been proposed for review. The bridge is expected to be released at Recovery in about 12 hours."
pNetwork also said it would offer a $1.5 million bug bounty to the attackers if they return the stolen funds. "Finding bugs is part of the game, but we all want the DeFi ecosystem to continue to grow, and returning funds is certainly a step in that direction," the official said.
And just now, pNetwork tweeted about the attacklatest progress: The vulnerability of pBTC on the BSC bridge has been identified and repaired. A detailed postmortem analysis will follow. The team is currently conducting an extensive review of the bridges, which will gradually restart over the next few days. For the first few days, these bridges will have additional security measures, meaning transactions will be processed at a slower rate for security. Specifically, pBTC on EOS, pBTC on Telos, and pLTC on EOS are now back up and running with additional security measures in place for the first few days. Transaction processing times are expected to increase. Meanwhile, pBTC on BSC is functioning normally, but currently cannot be exchanged because its bridging is suspended, please wait for further notice.
The latest data from CoinGecko shows that the price of PNT, the pNetwork governance token running on Binance Smart Chain, has fallen by more than 18% in the past 24 hours, tentatively trading at $0.942061.
As a cross-chain DeFi platform, pNetwork validators help transfer assets from one blockchain to another. They do this by using wrapped tokens (which they call "pTokens"). The network supports pTokens on seven blockchains: Ethereum, BSC, EOS, Polygon, Telos, xDAI, and Ultra.
In fact, just a few days ago, SushiSwap’s Launchpad platform MISO
also been attacked
