DeFi project pNetwork, a protocol that offers interoperability of different blockchains, announced on the 20th that cryptocurrencies amounting to $12 million have been stolen from the network.
Pinning the cause to a code bug, the company explained that the attacker was able to steal $12 million worth of bBTC, a version of wrapped Bitcoin that tokenizes Bitcoin (BTC) with Binance Smart Chain (BSC), by exploiting the vulnerability.
The company announced the exploit via a series of tweets on its page. It has since patched up the bug while keeping other assets safe. The post read:
“Status update: we have a proposed fix and we are now waiting for everyone to review it. We expect for the bridges to be back up in approximately 12 hours. We want to reassure everyone that we are prioritising security over speed.”
In a move to prevent the massive loss, pNetwork has announced a bounty worth $1.5 million if the hacker were to return the funds. It wrote in the Tweet:
“Finding vulnerabilities is part of the game unfortunately, but we all want DeFi ecosystem to continue growing, returning funds is a step in that direction.”