Decentralised Finance

DeFi platform pNetwork loses $12 million in WBTC to hackers

  • Decentralized finance (DeFi) platform pNetwork has lost $12 million to a hacker over the weekend
  • The attacker exploited a bug on the platform to steal 277 bitcoins in WBTC
  • DeFi platforms have lost hundreds of millions of dollars to hackers since the start of the year

A hacker has stolen $12 million in Wrapped Bitcoin (WBTC) from a decentralized finance (DeFi) platform.

A hacker gained access to $12 million in WBTC

pNetwork, cross-chain decentralized finance (DeFi) platform, revealed during the weekend that it lost $12 million in WBTC during an attack. The hacker went away with 277 bitcoins in Wrapped Bitcoin from the DeFi protocol.

 

The developers said the other bridges on the network were not affected, and the funds there were safe. pNetwork didn’t provide in-depth detail into how the attack occurred but said the hacker took advantage of a bug in its codebase and drained pBTC from the Binance Smart Chain (BSC) blockchain.

The pNetwork developers have already identified the bug, and a fix has been proposed for review. The bridges are expected to be back up 12 hours after the fix has been implemented.

DeFi networks continue to get exposed

DeFi platforms have lost hundreds of millions of dollars to hackers since the start of the year. While the DeFi ecosystem is still in its early stages, more has to be done to ensure the security of the networks and the platforms.

pBTC is a version of WBTC in the pNetwork ecosystem. Wrapped bitcoin, meanwhile, is a token on a smart contract blockchain like Ethereum and the Binance Smart Chain that is backed by an equal amount of BTC. WBTC’s are created so that Bitcoin can be leveraged in DeFi protocols for numerous uses.

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