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Hacker Makes Off With $12 Million in Latest DeFi Breach

In the latest security incident involving a decentralized finance protocol, cross-chain project pNetwork announced Sunday it had been hacked for 277 pBTC, a form of wrapped bitcoin, with losses worth over $12 million at current value.

In a series of tweets announcing the incident, pNetwork said, “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). The other bridges were not affected. All other funds in the pNetwork are safe.”

“The bridges will run with extra security measures in place for the first few days,” pNetwork said in a follow-up post. “This means slower transactions processing in exchange for higher security.”

The platform says it will provide a $1.5 million bug bounty to the hacker, should they return the funds.

“To the black hat hacker. Although this is a long shot, we’re offering a clean $1,500,000 bounty if funds are returned,” pNetwork tweeted. “Finding vulnerabilities is part of the game unfortunately, but we all want [the] DeFi ecosystem to continue growing, returning funds is a step in that direction.”

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