“Wrapped” Bitcoin truly worth far more than $12m has been stolen from the decentralized finance protocol pNetwork.
The cross-chain project announced the theft of 277 BTC on September 19 via Twitter, ascribing the hack to a codebase vulnerability.
The theft was executed on Binance Clever Chain, which featured in the biggest at any time DeFi heist in heritage – the $610m Poly Network hack that took spot in August.
pNetwork supports various blockchains, which include Ethereum, xDAI, EOS, Polygon, Binance Smart Chain, Telos and Ultra. Wrapped tokens enhance interoperability between different blockchains by producing it feasible for forex created on 1 blockchain to cross on to one more.
“We’re sorry to advise the group that an attacker was in a position to leverage a bug in our codebase and attack pBTC on BSC, stealing 277 BTC (most of its collateral),” said pNetwork.
“The other bridges had been not affected. All other resources in the pNetwork are secure.”
The DeFi platform mentioned that it had determined the bug but would continue to keep selected facts bridges closed right until a fix was uncovered.
In a bid to get better the stolen crypto-forex, pNetwork has publicly made available to fork out its attacker 12.5% of their full unlawful haul.
“To the black hat hacker. Even though this is a long shot, we are presenting a clear $1,500,000 bounty if money are returned,” stated the system on Twitter.
“Locating vulnerabilities is part of the video game regrettably, but we all want [the] DeFi ecosystem to go on developing, returning funds is a action in that direction.”
pNetwork is enterprise an investigation which it described as “a detailed submit-mortem.”
“We want to guarantee everyone that we are prioritizing security over pace,” claimed the system, introducing, “Bridges are staying extensively reviewed for that and identical exploits.”
On Monday, pNetwork said that although its Telos and EOS bridges experienced been safely and securely restored, they would be “working with excess security steps in position for the first couple times.”
In its most latest update, posted at around 6pm Japanese Time on September 20, the platform said that the pUOS on Ultra bridge was not afflicted and is now back again up.
“A in depth publish-mortem will be shared tomorrow. Updates to follow on the gradual reactivation of all other bridges,” said pNetwork.
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