Hackers Succeed In Stealing 277 Bitcoins Worth IDR168 Billion From PNetwork's DeFi Platform

Hackers managed to steal 277 Bitcoins belonging to pNetwork's DeFi platform (Bitcoinprice)

JAKARTA – Recently, a decentralized financial platform (DeFi) pNetwork was hacked by hackers. The multi-chain DeFi platform had to lose 277 Bitcoins worth IDR 168 billion.

According to TheDailyHodl report, pNetwork has a service for sending any digital asset to a different blockchain. pNetwork announced in a tweet that hackers had stolen 277 Bitcoins packaged in pBTC on the Binance Smart Chain (BSC).

“We apologize to inform the community that an attacker could exploit a bug in our codebase and attack pBTC on BSC, stealing 277 BTC (most of its collateral). Other bridges are not affected. All other funds on pNetwork are safe.”

The total stolen was equivalent to 11.87 million US dollars (Rp 168 billion). The multi-chain DeFi platform announced that it would provide a reward if the hacker returned the stolen loot.

“For black hat hackers. While it's a long shot, we're offering a net reward of $1,500,000 if funds are returned. Unfortunately, finding vulnerabilities is part of the game, but we all want the DeFi ecosystem to continue to thrive, refunding is a step in that direction,” wrote pNetwork.

In addition, pNetwork is also reportedly working on solving problems for users affected by hacker attacks on its platform. pNetwork not only provides Bitcoin offerings within the BSC network, they are also present on the Ethereum, EOS, Telos and Polygon blockchains.

Apart from Bitcoin, pNetwork also offers other digital assets such as Litecoin (LTC), Band Protocol (BAND) as well as stable coins or stablecoins such as USDT, USDC and others. So far, the hackers have not returned the stolen loot to pNetwork.

This hack is not the first time this has happened in the crypto world. In August there have been two hacks. First, hackers managed to steal IDR 8.7 trillion worth of crypto on the Poly Network. Luckily, the hackers wanted to return the stolen goods after the Poly Network sent an open letter to the hackers.

Then the second hack occurred at the end of August, where the DeFi CREAM platform had to lose Rp414 billion in funds. The good news is that user funds in CREAM are still safe.