According to reports, approximately $12.7 million worth of BTC went to waste from the cross-chain Decentralised Financing platform pNetwork, as it has been recently targeted by hackers functioning at Binance Smart Chain. Bitcoin with a value of $12.7 million got stolen out of BSC-based cross-chain composability platform P Network. The infiltration caused 277 pBTC to be drained out of the platform.
The major part of the network bond was decamped by the hacker. These are the information acquired from the p Network’s published on Twitter. pNetwork put forward the proposal to hackers to keep 11.5% of the rob for exchange of remaining funds. The attack was precisely executed by making use of a sort of problem in the coding, though there was an in-progress fix. No further information regarding the exploit has been issued by the team.
The intention to repay the impacted users is yet to be discussed by the pNetwork. pNetwork provides transactions of digital assets through different blockchains. Just like other wrapped token protocols through smart contract BTC disposition users can wad pBTC.
This way they can shift the amount of their BTC away from the Bitcoin network to EVM compatible chain. There is an 18% plummet in the price of pNetwork governance token PNT token in the previous 24 hours. Decentralized exchange THORchain endured a 7.6 million hack in July making pNetwork not the primary cross-chain platform to be exploited.
The THOR chain was hacked the second time for approximately $8million, a few weeks later. But the white hat hacker was willing to initiate the refund for the 10% bounty the company was lucky this time. So far this year Binance got more than an equal share of exploits. Other organizations that have been hacked include bEarn, SafeMoon and BurgerSwap, etc.
The list of BSC hacking targets seems to be never-ending. This smart chain was a part of a chart breaker multi-network hack that occurred in August. This had cost over a quarter of a billion dollars shifted from BSC and stolen amount valued over $600 million in total even though the hearty hacker have refunded most funds.
