Since cryptocurrencies gained popularity, the news of fraud, corruption and theft has not ceased. The most recent example of this situation was a theft on the crypto money transfer platform pNetwork.
Hackers stole $12.7 million worth of Bitcoin from cryptocurrency transfer platform pNetwork. “Cyber attackers exploited a bug in our code base and stole 277 Bitcoins and attacked pBTC via BSC,” pNetwork said on its Twitter account.
‘All other funds are safe’
Explaining that all other funds in pNetwork are “safe”, the company explained that other “bridges” were not affected by the attack. Bridges mean that cryptocurrency users copy one cryptocurrency to another.
In a statement from its Telegram account, pNetwork stated that the bridges will be reactivated in the coming days with extra security measures, the error has been detected and fixed. pBTC, on the other hand, is defined as the packaged Bitcoin version of pNetwork. “Wrapped Bitcoin”, a token, is traded at one-to-one equivalence to Bitcoin in smart blockchain deals.
This allows this token to be used as a copy of Bitcoin in decentralized finance protocols (DeFi). The attack took place on Binance Smart Chain, which was the largest DeFi heist in history, including the $610 million Poly Network hack that took place earlier this year.
In the 24 hours after the event was heard, the PNT token managed by pNetwork lost 18 percent of its value.
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