DeFi continues to soar high, and amidst all these never-ending breakthroughs, many hackers have targeted the DeFi space. The latest incident is the pNetwork which reportedly lost an estimated $12.7 million in wrapped Bitcoins.

PNetwork is a cross-chain protocol that utilizes the movements of cryptocurrencies across different blockchains. Just like other wrapped token protocols, users can generate pBTC by transferring BTC into a smart contract, allowing them to relocate the value of their BTC from the Bitcoin network to other EVM-supported smart chains. PNetwork facilitates the transfer of assets into more than ten supported blockchains, including Bitcoin, Ethereum, Dogecoin and more. 

Recently, the DeFi protocol announced that in an incident to exploit a bug in their system, a hacker managed to drain 277 pBTC, amounting to over $12.7 million, which counts as the majority of the network’s collateral. PNetwork confirmed that all other bridges were safe and unaffected but they will proceed with heightened security measures in the meantime. The network has appealed to the hackers and offered them 11.5% of the stolen loot, which adds up to around $1.5 million in bounty, if they return the funds. Developers were also working on a solution on how to compensate the affected parties. At the time of writing, the price of the pNetwork token had plunged by 17%. 

Last week, SushiSwap was attacked and lost $3 million in Ethereum via a suspected supply chain attack. Luckily the funds were returned. Liquid, a Japan-based digital assets exchange, also suffered an attack, losing $97 million. Another cross-chain network, THORchain, lost $7.6 million in an exploit last July, after which the white hat hacker promised to return the loot for a 10% bounty. The most prominent hack this year was the Poly Network hack, which resulted in a loss of around $600 million, though it turned out that it was a white-hat hacker too.