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pNetwork is a cross-chain protocol that provides the services of transferring crypto assets from one blockchain to another. During a recent Whitehat session, $4.3 million worth of pgala tokens were taken out of the network. These pgala tokens, which stand for pegged gala tokens, were issued to the users of the pNetwork protocol.
At first glance, the news can be seen as negative for cryptocurrency investors. However, in reality, it is progress and a positive development that is worth appreciation. The White hat hackers behind this project have issued a report claiming that they discover the bug in the form of a misconfiguration in the smart contract of the bridge protocol.
BlockSec is Working with pNetwork to Find the Technical Blind Spots
BlockSec is the same cybersecurity organization that is investigating the exploit of the DeFi protocol named Skyward Finance by Near network. The developers have now shifted their attention to working alongside DeFi projects like pNetwork to anticipate the attack from hackers and conduct a White hat sweep of the blockchain protocol.
The report of the operation issued by BlockSec revealed that the developers at pNetwork drained the entire tokens before hackers got the chance. These pgala tokens were locked in the DEX platform PancakeSwap. The tokens are issued in a 1:1 ratio to support the play-to-earn model of the Gala gaming project.
The developers at pNetwork are aiming to protect the value of the token locked in the protocol. These tokens are also traded at ecosystems like Binance and Ethereum blockchains in addition to DEX platforms like PancakeSwap.
The pNetwork team has submitted that the discovery of the misconfiguration has made the reallocation of pGala necessary.
The developers have told the users that they drained all the liquidity pools as part of White hat attempt. They minted pgala tokens in billions on PancakeSwap and exchanged them with BNB tokens. BlockSec has reported that White hat attackers managed to achieve that feat on account of the access approval feature granted by the smart contracts.
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