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Saturday, May 21, 2022

BSC Hack Sees $12.7 Million In Bitcoin Stolen

Binance Smart Chain, or BSC, has led to the hacking of pNetwork- a cross-chain decentralized finance platform. This has resulted in the loss of around $12.7 million worth of Bitcoin. According to a thread on Twitter that was published on Monday by pNetwork, the incursion led to around 277 pBTC being siphoned from the Smart Chain. The hackers took the majority of the collateral of the network, which the network added further to the Twitter thread. They have now become the latest protocol to be hacked on the Smart Chain. 

BSC Has Become A Ground For Hacks

The team of BSC noted that this attack was done by exploiting a bug in its codebase, where it was further added that a fix was in progress already. pNetwork also proposed that the hacker could keep around 11.5% of the stolen funds if they would return the funds that they had taken. The network was offering a clean bounty of $1.5 million if the funds were returned. The team of pNetwork hasn’t made it clear till now if they have plans of reimbursing the users who have been impacted. 

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pNetwork usually facilitates the movement of every digital asset across the blockchains through BSC. As with other wrapped token protocols, most users can mint the pBTC by depositing the Bitcoin into a smart contract- which has allowed them to transport the BTC value of the network of Bitcoin and onto compatible chains of EVM. As a result of this hack, the price of the governance of pNetwork has gone down by 18% over the last 24 hours. 

BSC has already had more than its fair share of hacks this year. The list of exploits includes Cream Finance, PancakeBunny, bEarn, Uranium Finance, Bogged Finance, Meerkat Finance, Spartan Protocol, SafeMoon, BurgerSwap, Belt Finance. To this list has been added pNetwork. The Smart Chain was also previously involved in a hack of Poly Network in early August which has been deemed record-breaking since it saw around $253 million lifted.

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