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DeFi Protocol Loses Over $12M In Bitcoin In Recent Hack

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DeFi bridging Protocol, pNetwork, is the most recent protocol to be targeted by a cyber attack.
An unknown hacker has stolen about $12.7 million worth of tokenized Bitcoin from the Binance Smart Chain-based cross-chain platform.

According to a Twitter thread published by pNetwork on September 20, the hacker exploited a bug in the network’s codebase. As a result, they got away with 277 BTC from the exchange. They also made off with the majority of the network’s collateral, pNetwork added.

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In the meantime, pNetwork has offered the hacker $1.5 million in exchange for the stolen funds. This value is about 11.5% of the funds. There is currently no information on whether the attacker responded to this offer or not.

At the time of writing, the latest update from the protocol’s Twitter account stated the existence of a proposed fix waiting for review.

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Similar Smart-Chain Hacks

pNetwork is not the first cross-chain platform to be exploited. In July, decentralized exchange THORChain lost $7.6 million in a hack. Just a week later, the exchange was hacked again for around $8 million. The hacker, however, promised to return the funds for a 10% bounty.

DeFi protocol, Poly Network was also involved in a record-breaking hack in early August. The hacker transferred over $600 million in assets to Polygon, Ethereum, and Binance Smart Chain (BSC) addresses. Although, the hacker eventually returned almost all the stolen funds.

This year alone, there have been several other Binance Smart Chain hacks. This list includes PancakeBunny, Cream Finance, bEarn, Bogged Finance, Uranium Finance, Meerkat Finance, SafeMoon, Spartan Protocol, BurgerSwap, and Belt Finance.

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About pNetwork DeFi Protocol

Decentralized finance (DeFi) is a blockchain-based form of finance that does not rely on central financial intermediaries or traditional banks to offer traditional financial instruments. Instead, it uses smart contracts on blockchains.

Total DeFi market cap on TradingView.com
Total DeFi market cap drops to $117.9B | Source: Crypto Total DeFi Market Cap on TradingView.com

pNetwork enables the transfer of assets into +10 supported blockchains, including Bitcoin, Ethereum, Dogecoin, and many more. According to pNetwork’s website, the total value of cryptocurrencies locked in the protocol’s cross-chain bridges is about $190 million. Fortunately, most of them are safe since the hack only affected pBTC tokens on BSC

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Bitcoin, Ethereum, Terra, Cardano Price Analysis ‒ 2 December Morning Prediction

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  • Major coin prices recede after a global market cap efflux of 1.78%.
  • Bitcoin prices fall below $57K after a 1.45% value drop.
  • Ethereum suffers a blow of 4.00% in the last 24-hours.
  • Crypto favorites Terra (LUNA) and Cardano (ADA) see gains of 12.13% and 8.06%, respectively.

After witnessing a blow of 1.78% value drop, the global market cap has suffered a $0.06T loss after a recent efflux. The trading volume has dropped by 6.46% and is on a losing streak as the global market cap drops.

The decreasing market cap is due to the small but not unnoticeable; price drops among the various cryptocurrencies that sit among the top ten. Seeing slightly bearish runs and displaying red charts, Bitcoin, Ethereum, and Binance have recorded sudden value drops.

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Is Apple Planning For Bitcoin Payments! Will BTC Network Volume Eclipse Visa And Mastercard Payments?

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In an acute inflationary atmosphere, numerous cryptocurrency projects seem to be more appealing to investors. Possible threats of US inflation and the prevailing pandemic situation prompt investors to espouse Bitcoin payments. On the other hand, the network has been thriving hard to outstrip the network volumes of Visa and Mastercard. 

The global crypto market cap raised its bar to the new highs on, as investors gush into Bitcoin investments as Federal Reserve chairman Jerome Powell made remarks on tapering of monthly bond purchases to occur a couple of weeks before than expected. This move would further result in a hike in the interest rates, resulting in hyperinflation. 

Apple to Adopt Bitcoin Payments?

The reputed tech firms might lookout for investment opportunities that would help manage their purchasing power. Notably, top companies with significant cash reserves such as Apple ($191 billion), Google ($168 billion), Microsoft ($137 billion), Amazon ($86 billion), Facebook ($86 billion), and Oracle ($39 billion) might shift their gears to Crypto investments. Moreover, crypto market insight platform Bitcoin Archive is been optimistic about Apple’s adoption of Bitcoin payments. 

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However, crypto analyst Venturefounds recently made remarks on loss of purchasing power by $102 billion in retaliation of record break inflation rate in the US. Hence, possibilities are quite high that top-tier tech firms would soon roll out a red carpet to the Bitcoin payment adoption. 

On the other hand, the Report of Blockdata confirms Bitcoin’s progressive move against PayPalVisa, and Mastercard payments. Bitcoin network acclaimed an evaluated average of $489 billion per quarter in 2021. Besides Visa, Mastercard, and PayPal payments have recorded network volume worth $3.2 trillion, $1.8 trillion, and $302 billion respectively. However, the platform has been optimistic about the massive growth of Bitcoin’s payment network. 

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Collectively, investors all across the globe appear to be FOMO-ing Bitcoin. Hence, the flagship asset and other revolutionary cryptocurrency projects would experience sustainable growth in the near future. Especially, the platform has dragged more than 60 to 70% of investments during uncertainties such as pandemic and global financial crises.  

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Bitcoin tests traders’ nerves as analyst reissues $400K BTC price forecast

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Bitcoin (BTC) was on repeat on Dec. 2 as markets watched another attack on $60,000 end in defeat.

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BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

“Nothing has changed”

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD back at $57,000 Thursday, having come full circle in 24 hours.

The pair had briefly hit $59,000 into the Wall Street open the day prior, this failing to hold as another round of macro triggers skewed sentiment to the downside once more.

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Bitcoin thus fell in line with stocks reacting, it seemed, to continued concern over the new coronavirus omicron variant. The S&P 500 ended the day down 1.2%.

With a sense of frustration pervading crypto markets, analysts took the opportunity to reassert a longer-range perspective.

“It’s very simple. Below $60K I’ve remained cautious/bearish as I’d like to see that area flip,” Cointelegraph contributor Michaël van de Poppe summarized.

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“Levels to watch for buys; $53K-54K zone and $47-50K zones for Bitcoin. When to buy altcoins? December. Nothing has changed past weeks.”

Those buy target lows were accompanied by renewed predictions for this cycle’s bullish peak, which, as in April this year, place BTC/USD at up to $400,000.

Fellow analyst TechDev, eyeing Fibonacci levels on the two-week chart, also described Thursday as “another day to zoom out.”

Open interest stays near all-time highs

On exchanges, open interest, meanwhile, remained a source of concern due to its sheer volume relative to price action.

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Data from on-chain analytics firm Glassnode showed open interest on Bitcoin futures recently matching its second-highest levels in history, nearing its April record.

“At some point, this open interest is going to get flushed out one direction or the other,” analyst William Clemente commented.

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Bitcoin futures open interest 7-day moving average chart. Source: William Clemente/Twitter

With cyclical price action characterizing the week, the mood thus stayed favoring an ultimate exit up or down, with derivatives structures being “reset” as a result.

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Funding rates were mostly neutral across exchanges Thursday.

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