pNetwork, a decentralized finance (DeFi) platform, has recently announced on Twitter that its platform has been compromised and suffered from a major cyber attack.
“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 tweeted.
But even if the platform came under attack, pNetwork clarified that all the other funds under its care remained unaffected.
The company said that it has already identified the exact damages that were done by the hack, and is now working to fix these issues. pNetwork assured its users that bridges will be reactivated as soon as possible.
Follow-ups
After pNetwork announced the attack, it kept its users updated about the developments of the situation. The company said that it has contacted the black hat hacker and offered a $1.5 million bounty for the return of the assets.
The company said that any companies who are managing a DeFi ecosystem would, at some point, discover vulnerabilities in their platforms in the most unfortunate way.
It added that by retrieving the stolen funds, its ecosystem would have the opportunity to strengthen the platform and make it more secure, which, in the end, would benefit its users.
Security measures
The company said that upon reactivating its bridges, it would implement additional security measures for the first few days to test the platform’s strength and safety.
They have also reminded users that these extra security measures can lead to slower transactions, a payoff that the company would willingly take to ensure its users’ security.
As for the users who have lost their funds due to the attack, pNetwork assured them that they would do everything to return their lost funds.
As a result of the cyberattack, PNT Token, pNetwork’s native token, has lost 20% of its value in the last 24 hours.
Image courtesy of Cointelegraph News/YouTube
Source: https://bitcoinerx.com/blockchain/pnetwork-suffers-from-cyberattack/