Over 10 Million Euros of Bitcoin Stolen in Binance Smart Chain Hack – BTC Direct

About 10.8 million euros worth of tokenized bitcoins have been stolen on pNetwork. This is a DeFi protocol on the Binance Smart Chain. Tokens are released that are linked to real bitcoins, so that these bitcoins can also be used on other blockchains.

Hundreds of packaged bitcoins

This morning, pNetwork shared more details about the hack on Twitter in the thread below.

A hacker has stolen most of the network’s bitcoin collateral, which is 277 bitcoins. The team noted that the attack was carried out using a bug in the codebase, adding that a fix is ​​already in the works.

Hacker can share

pNetwork also offered the hacker that he or she could keep approximately $1.28 million of the stolen money if the rest is returned.

‘To the black hat hacker. While this is far-fetched, we offer a clean premium of $1,500,000 if the money is returned.”

At the time of writing, the team has not released any further details about the exploit. The pNetwork team is also unsure how they intend to handle the funds of the affected users.

What is pNetwork?

The purpose of pNetwork is to facilitate the movement of cryptocurrencies across different blockchains. This is usually done through ‘wrapped’ coins. In the above case, users can secure bitcoin in a smart contract, the value of this BTC is transferred in the form of a token on other blockchains. So you can use bitcoins on the blockchains of Binance and Ethereum.

The price of pNetwork’s governance token PNT has fallen by 18% in the last 24 hours and is now about 0.85 euros.

Bron: Coingecko

Losing ten million euros in customer funds often means the end of business for other start-ups. At DeFi it works a little differently, it is a new sector where users are somewhat aware that there are risks. There are plenty of examples of other so-called cross chain protocols that have gone wet.

DeFi carries risks

In July, the decentralized exchange THORchain was also attacked and the hacker made off with 6.5 million euros. A few weeks later, this happened again to THORchain, this time for 6.8 million euros. Fortunately, it turned out to be an ethical hacker, who returned the money in exchange for a 10% reward.

Binance Smart Chain has had quite a few exploits this year. Think of PancakeBunny, Cream Finance, beEarn, Bogged Finance, Uranium Finance, Meerkat Finance, SafeMoon, Spartan Protocol, BurgerSwap, Belt Finance and now pNetwork.

And what about the hack on Poly Network, it even made the mainstream news. A hacker initially took off with 512 million euros worth of cryptocurrencies, but later returned almost all of the money.

It is attractive to take returns on your coins via DeFi, but it is not without risk.

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