Hackers manipulated The pegnet stablecoin network, as a result, the balance of their wallet increased by 609 thousand times. The funds received were destroyed on the same day

Miners using manipulation in the PegNet stablecoin network increased their wallet balance from $11 to $6.7 million. Four hackers took over 70% of the computing power of the system in 20 minutes, thanks to which they were able to multiply the exchange rate of the stablecoin pJPY, tied to the Japanese yen. After that, the assets were transferred to the pUSD token, but they could not be liquidated on the exchange, CoinDesk writes.

According to the Chairman of Factom Inc.and an organizer of the PegNet David Johnston, miners are unable to transfer a large part of pUSD in its own crypto currency PEG system, as the Protocol does not provide for quick conversion. The hackers then contacted the developers of the project and stated that they were trying to test the network to identify possible vulnerabilities. They destroyed the received tokens themselves, sending them to the address for burning on the same day.

"The actions of the miners are more like a trick than an attack, if you consider the short duration and actions later," Johnston commented.

Now the developers have announced plans to improve the platform's systems to protect against such attacks in the future. The company expects more attempts to attack the service, as the value of assets stored in it increases.

Earlier, a hacker broke into the dForce ecosystem and withdrew $25 million from it, but returned the funds after the exchange reported the attacker's IP address to the police. There was also information that the developers of the EOS ecosystem wallet closed their project, and allegedly stole $52 million that belongs to customers.