"Hacker Makes Off With $12 Million in Latest DeFi Breach"

The decentralized finance (DeFi) system pNetwork that allows communication between different blockchains recently announced that it had been hacked for 277 pBTC (its bridged version of bitcoin), with losses worth more than $12 million at current value. The pBTC tokens represent an equal value of bitcoin for transactions running on the platform's smart contracts. PNetwork supports several blockchains, including Binance Smart Chain, EOS, Polygon, Telos, xDAI, and Ultra. According to pNetwork, the hacker exploited a bug in its codebase, thus allowing them to attack pBTC on Binance Smart Chain (BTC) and steal 277 bitcoins. The platform says other bridges were not affected and all other funds in the pNetwork are safe. In a follow-up post, pNetwork emphasized that bridges will run with extra security measures for a few days, but this would mean slower transactions processing in exchange for higher security. A $1.5 million bug bounty will be provided to the hacker by the platform if they return the funds. In another recent crypto-based incident, the DeFi platform SushiSwap announced that a hacker compromised the supply chain of its token launchpad platform MISO. According to Joseph Delong, the CTO of SushiSwap, a contractor with the GitHub handle "Aristok3" injected malicious code that rerouted funds from one auction to a personal ethereum address. The threat actor was able to acquire 864.8 ethereum valued at $3 million. These incidents further emphasize the importance of exploring cryptocurrency security issues and developing effective solutions to address them. This article continues to discuss the latest crypto-based security incidents. 

BankInfoSecurity reports "Hacker Makes Off With $12 Million in Latest DeFi Breach"