The hacker has exploited a code vulnerability and stolen 277 BTC (about $12.7 million) from DeFi protocol pNetwork.
The developers of the project have said:
"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 project team has offered the hacker a $1.5 million bounty in exchange for returning the funds, however, they believe he is unlikely to accept the offer.
pNetwork has said addressing the hacker:
"Finding vulnerabilities is part of the game unfortunately, but we all want DeFi ecosystem to continue growing, returning funds is a step in that direction."
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The developers have later reported they have prepared a fix for the vulnerability and that they expect bridging between networks to be restored in "a matter of hours."
Last September 13, a hacker stole $3.2 million from DeFi protocol Zabu Finance on the Avalanche blockchain.