DeFi Protocol pNetwork Loses $12 Million In Tokenized Bitcoin

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Name	Symbol	Market	Market Cap ($)	Algorithm
Ontology	ONTUSD	Crypto	245,713,810	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

Ontology

ONTUSD

Crypto

245,713,810

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	0.00	0.00%	0.2707	0.26816	0.26896

Price Change

Price Change %

Current Price

Bid Price

Offer

0.00

0.00%

0.2707

0.26816

0.26896

High Price	Low Price	Open Price	Prev. Close	52 Week Range
0.27239	0.25608	0.25852		0.00000000 - 0.515200

High Price

Low Price

Open Price

Prev. Close

52 Week Range

0.27239

0.25608

0.25852

0.00000000 - 0.515200

Exchange	Last Trade	Size	Trade Price	Currency
CRTO	11:31:39	40.00	0.2707	USD

Exchange

Last Trade

Size

Trade Price

Currency

CRTO

11:31:39

40.00

0.2707

USD

Price x Volume	Volume	Base Symbol	Related Pairs
1,661.50	6,210.90	ONT	ONTEUR	ONTGBP	ONTBTC

Price x Volume

Volume

Base Symbol

Related Pairs

1,661.50

6,210.90

DeFi Protocol pNetwork Loses $12 Million In Tokenized Bitcoin

24/09/2021 10:00pm

NEWSBTC

One of the threats that the crypto community face is the attack of cybercriminals. Many exchanges, projects, and apps often face one vulnerability exploitation or the other. Recently, BSC-based cross-chain pNetwork lost at least $12.7 million of tokenized Bitcoin to attackers. They have joined the many networks targeted and exploited by hackers in the crypto industry. Related Reading | September Leaves Behind Trail Of Blood, Bitcoin Long Liquidations pNetwork promotes digital assets movement throughout different blockchains. Just like several other wrapped token protocols, they allow users to mint pBTC through deposits of BTC in a smart contract. This process allows the users to migrate their BTC value away from the Bitcoin platform and place it on EVM-compatible chains. The information about the hack went live through a Twitter announcement by pNetwork, lamenting the loss of up to 277 pBTC. From the tweets, we learned that the hackers made away with most of pNetwork’s collateral. According to the pNetwork team, the hackers exploited a bug within the network’s codebase. The tweet reads: “They attacked pBTC on BSC, siphoning up to 277 bitcoin which is serving as collateral. But other bridges weren’t touched, though, since the other funds are intact.” pNetwork Team To Fix The Problems According to the pNetwork team, they are already fixing the problem. They also offered $11.5% of the siphoned funds to the hackers if they could give back the funds stolen. They went ahead to address the black-hat hacker, “We are ready to offer a reward of $1,500,000 if they can give back the stolen funds.” Right now, there are no updates from the pNetwotk team concerning the exploit. They are yet to talk about plans to pay back the users who were affected by the theft. Effects Of The Hack After the exploit, the pNetwork’s PNT governance token has fallen down within the last 24 hours. pNetwork has lost almost 8% of its price in last 24 hours following the hack | Source: PNTUSD on TradingView pNetwork is not the only cross-chain platform that has fallen victim to these exploits. For instance, THORChain, a decentralized exchange, was also the victim of hackers last July. Following the first hack, the platform suffered another hack that was worth $8 million. However, THORChain was fortunate to be hacked by a “white hat” hacker, who promised to give back the stolen funds for a reward of 10% out of the stolen funds. Binance Smart Chain has experienced so many unexpected exploits this year. The list of the BSC theft victims includes pNetwork, Belt Finance, BurgerSwap, Spartan Protocol, SafeMoon, Meerkat Finance, Uranium Finance, Bogged Finance, bEarn, Cream Finance, and PancakeBunny. Related Reading | Bears Lose Hold On Market As Bitcoin Breaks $44,000, Crypto Market Tops Up $200 Billion Moreover, there was another record-breaking Poly Network hack early in August. This hack resulted in a loss of $253M from BSC and above $600M in total losses. Luckily, the hacker gave back almost all the stolen funds. Featured image from Revain, charts from TradingView.com

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ONTUSD Ontology