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Pnetwork Protocol Hacked: 277 Bitcoin Worth $12m Lost on Binance Smart Chain

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Pnetwork Protocol-Investors King

pNetwork, a decentralized finance bridging protocol, informed users it was the victim of a hack, losing 277 bitcoin worth $12 million in the attack. pNetwork eases mobility of assets like bitcoin and ether among several chains. This contributes to extending the liquidity of each decentralized finance environment on different chains.

pNetwork reported that a bug in its codebase was used to perpetrate this attack. The bug allowed the attacker to siphon 277 bitcoin that was being bridged to the Binance Smart Chain network. No other bridges or networks were affected in the process. The protocol’s team has already found the bug and introduced a patch to fix it. In a tweet, the team declared that: “Bridges are being extensively reviewed for that and similar exploits. The bridges will be gradually reactivated over the next few days.”

pNetwork also made a proposal to the attackers, asking them to return the funds in exchange for a bounty. It stated:

To the black hat hacker. Although this is a long shot, we’re offering a clean $1,500,000 bounty if funds are returned. Finding vulnerabilities is part of the game, unfortunately, but we all want the defi ecosystem to continue growing, returning funds is a step in that direction.

If such a return actually happens, it won’t be the first time. This happened with Polynetwork, another decentralized finance protocol, when the attacker returned more than $600 million that was stolen. Another instance is the recent hack of Miso, the new token issuance platform on the Sushi protocol.

However, this time the exploit was a little different. Miso’s team was able to link the possible identity of the attacker to the funds. Polynetwork had similar information. After this, funds were returned. In pNetwork’s case, there has still not been a response at the time of writing. pNetwork stated it is making it a priority to reimburse users, but has not elaborated on how.

pNetwork has dropped over 27 percent in the last 24 hours.

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eNaira

eNaira App Grosses 100,000 Downloads Despite Drops in Rating to 2.0 in 24 Hours

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Barely 24 hours after the eNaira was launched, the eNaira speed wallet application (eNaira App) recorded over 100,000 downloads despite its rating plummeting to 2.0 on Google store as multiple users complained about glitches while using the eNaira app.

Apart from the Google store, the application can be downloaded from the Apple store, however, the number of downloads from this store is unclear as of now.

Users have to download the ‘speed wallet’ to access the eNaira.  Downloading the speed wallet allows users to conduct transactions with speed and ease. It is the digital storage that holds the eNaira and is held and managed on a distributed ledger.

Users however complained of major glitches they experienced while using the app. A user said “Very poor user experience so far. It is a known fact that having an email address wasn’t a mandatory requirement when setting up BVN, now this app wants me to provide my BVN email address.”

Another user said “I am trying to sign up using my bank, but it keeps complaining of my name not matching. Later it says too many attempts have been made for my BVN. You people need to play along with other countries with this crypto matter. At least since I have provided my BVN, the app should be able to access my data automatically. Nigeria has made a great step, but it needs to be improved. Because what is the essence of inputting my BVN and NIN if it can not automatically access my data?

And another user said “Telling me to contact my bank for email validation despite knowing that banks can make life miserable with things like this. In my opinion, it is best if you provide a place where someone can put preferable email on the app because that’s the beauty of using the app not ‘yeye’ old ways of the banking system.

A very big proportion of the complaints seem to be about email addresses and BVN. In a response to one of the email queries, the CBN said “Before you begin, you need a valid and active email address linked to your BVN profile”. The system fetches your BVN-linked email address based on the KYC info. You also need your correct personal information such as your first name and last name, state of origin, and date of birth associated with your BVN details.”

The eNaira speed merchant wallet which is designed for businesses and allows merchants to offer a convenient way to receive money fared better. The app had 10,000 downloads on the Google Playstore and a 2.8 rating.

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eNaira

CBN Releases Document on Roles of Players Regarding eNaira

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Following the launching of eNaira by President Muhammadu Buhari and the Central Bank of Nigeria (CBN), the central bank has now published Regulatory Guidelines on eNaira for all stakeholders.

In the document, which was signed by the Director of Financial Policy and Regulation, Chibuzo Efobi, the CBN provided step-by-step guidelines for all eNaira players, the roles of the Central Bank, Financial Institutions, Merchants, Ministries, Departments and Agencies and Customers.

According to the details of the document, the roles of the CBN regarding the eNaira include:

(1)  Managing unresolved eNaira issues and complaints escalated from the Financial Institutions and disputes arising between Financial Institutions.

(2)  Minting, issuing, distributing, redeeming and destroying the eNaira.

(3)  Determining the technical, regulatory, and operational standards for the eNaira.

(4)  Monitoring compliance with applicable regulations.

(5)  Issuing directives and reviewing Guidelines on eNaira periodically as may be required.

 The roles of Financial Institutions include:

(1)  Facilitating eNaira speed wallet onboarding for bank customers (merchants and individuals) including sensitizing them on the need to familiarize themselves with details of their BVN particulars, especially Email addresses.

(2)  Integrating the eNaira speed wallet feature into their electronic banking channels.

(3)  Managing eNaira across its branches.

(4)  Requesting eNaira from CBN for self and on behalf of its customers.

(5)  Developing and/or updating reports and internal frameworks to ensure compliance with KYC and AML/CFT requirements.

(6)  Receiving and resolving customers’ complaints on eNaira (including a prompt update of customers’ BVN particulars in NIBSS.)

(7)  Ensuring that eNaira inquiries and complaints are included in the periodic reports to CBN.

The roles of merchants are:

(1)  Providing cashback services for customers.

(2)  Providing customers with alternative channels for making transactions using eNaira.

(3)  Publicising the option of eNaira payment for transactions at merchant locations.

(4)  Protecting their eNaira speed wallet credentials against fraudulent access.

The roles of Ministries, Departments and Agencies are:

(1)  Receiving revenue in eNaira.

(2)  Making payments in eNaira.

The roles of customers are:

(1)  Utilising eNaira as an alternative payment option for legitimate transactions.

(2)  Creating eNaira speed wallets and funding them.

(3)  Creating eNaira speed wallets and funding them.

(4)  Notifying financial institutions in the event of fraud/complaints/disputes.

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Cryptocurrency

Blockchain Hackers Have Stolen Over $1 Billion in Q3 2021

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Blockchain technology and cryptocurrency hype have gotten a lot of attention in the past years.

According to the data presented by the Atlas VPN team, blockchain hackers have stolen over $1 billion worth of cryptocurrencies in the third quarter of 2021. While blockchain-related hacks and scams continue to rise, the Ethereum ecosystem suffered from the most significant number of hack events and lost the most money during attacks.

The Ethereum ecosystem suffered 20 hack events and lost over $800 million in the third quarter of 2021. One of the most significant hacks was the Poly Network heist, in which the hacker stole $610 million from the cryptocurrency platform.

Next up, cryptocurrency exchanges had 5 hack events in which they lost $114 million. A noteworthy hack happened to a Japanese cryptocurrency exchange, Liquid, as cybercriminals took away about $90 million worth of digital coins.

Other types of hacks and scams have accumulated 28 events, throughout them losing $193 million. Such events include attacks against smaller ecosystems or rug pull scams.

Blockchain manipulations

The success of blockchain-related hacks and scams is bringing more and more cybercriminals looking for a quick buck.

A significant increase in blockchain-related hacks happened in 2019 when 133 events were seen. It indicates a 58% percent growth since 2018 when 84 hack events took place.

Through three quarters of 2021, there were more hack events than over the past three years — 146. It signifies a 20% percent increase since last year when 122 hack events and scams were seen.

While comparing more statistics from now and 2020, the Ethereum ecosystem and cryptocurrency exchanges remain the primary targets for hackers.

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