The cryptocurrency market is rattled by a theft of $12.7m worth bitcoin from pNetwork after a hacker broke into the crypto platform.
The news was confirmed by a tweet issued by the official handle of pNetwork, which said that the Hacker had stolen 277 BTC by leveraging a bug in their codebase as it attacked the platform.
The company assured that all other funds and bridges were absolutely safe and unaffected.
pNetwork’s wrapped version of bitcoin pBTC works as decentralized finance protocols. It is a smart blockchain system that uses 1:1 to an equivalent amount of bitcoins.
Additional Security Measures
They have assured that the affected bridges will be activated soon and apologized for the matter.
They plan to secure the bridges with additional security measures in the coming days, assuring people that they have identified and fixed the bug. The added security measures are likely to reduce the processing rate of transactions.
The Hacker targeted the same Binance Smart Chain affected in the $610m Poly Network hack a few months ago. It was the biggest hack in DeFi heist history.
The company has reiterated its commitment to security, saying that they are prioritizing security over speed. Their last tweet was 6 hours ago, apologizing for the matter and assuring that they would fix everything soon.
Bounty To identify the Hacker
As of now, the company has announced a $1.5m bounty for anybody who can identify the Hacker. However, by their own admission, that appears to be a long shot. They said that vulnerabilities are part of the game, but what matters is growth and for that returning the funds is the key.
They have informed that the matter is under investigation, and details will be revealed soon.
In the past 24 hours, pNetwork’s governance token PNT went down by 18% in value because of the hacking issue.