pNetwork Endure 277 BTC Exploit, Will Hacker Accept Bounty?

pNetwork has been left reeling after confirming that an attacker has exploited their codebase and taken 277 BTC.

By
Dardania Havolli
on
September 21, 2021
Category:
Blockchain News

Hacker Offered Reprieve

pNetwork has become the latest to be attacked in what has become a swathe of summer exploits. The attack occurred on September 19, and so far, all funds are safe. 

As the significant hack was officially confirmed, pNetwork began looking for ways to minimize the damage and reassure their users. 

“We're sorry to inform the community that an attacker was able to leverage a bug in our codebase and attack pBTC on BSC, stealing 277 BTC (most of its collateral).” pNetwork initially confirmed via its official Twitter account. “To the black hat hacker. Although this is a long shot, we're offering a clean $1,500,000 bounty if funds are returned.

Source

pNetwork was prompt in its communication via Twitter and has looked to set users at ease with their regular updates. pNetwork can make a vairety of chain nervous when a hack occurs as it is a solution that enable scross-chain interactions between various dApps on multiple networks.

Mounting a Response

Vulnerabilities are an undeniable part of Decentralized Finance (DeFi), and these difficult moments have been endured by several projects thus far. The real grit comes in managing a prompt response that reassures users. 

All DeFi users are advised to act with a degree of caution, and many will make their own judgments over pNetwork’s ability to cope with such instances. It took pNetwork roughly 14 hours to suggest an adequate response that was reviewed, and set in motion. 

“The bug on the pBTC on BSC bridge was identified and fixed. A detailed post-mortem will follow. Bridges are being extensively reviewed for that and similar exploits. The bridges will be gradually reactivated over the next few days,” the following tweet confirmed. 

Other bridges were unaffected, and all additional funds on pNetwork were safe, but the entire community has been left uneasy. pNetwork apologized several times for what had taken place and was quick to allay affected users’ fears. They underlined their appreciation of user support and stated their determination to come back stronger. 

About pNetwork

pNetwork outlines its aim as being about empowering a more inter-connected decentralized finance. Their mission is to solve blockchain’s walled-garden limitation and construct a set of security-orientated technologies to boost the blockchain ecosystem. They explain the new wave of advancement in the blockchain sector as highlighting the potential of a technology that can reshape the future of the financial industry. Their choice phrase is ‘banking without banks.’

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Dardania Havolli

Dardania is an experienced researcher, editor and writer who is currently completing his PhD in Creative Writing. He is passionate about blockchain technology and the impact it will go on to have on our lives. He holds bags mostly in BNB, SOL and IOTX.

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