Crypto Exchange Bancor Hacked, $23.5 Million in Cryptocurrencies Stolen

by | Jul 10, 2018 | Cryptocurrency, Cryptocurrency News

Bancor | Crypto Exchange hacked | BNT token | Cryptocurrencies updates

Decentralized cryptocurrency exchange Bancor is offline after a hacker managed to steal about $23 million in cryptocurrencies from the service.

Details on how the hack took place are scant. Bancor described it only as a “security breach” and said that “no user wallets were compromised.”

In a later update, the company said it takes the incident seriously and is committing every resource to resolve the matter, bring the network back online and capture the hacker behind the attack.

Bancor deals with both cryptocurrencies and its own Bancor tokens for trades. Stolen in the hack were 24,984 in Ethereum worth $11.9 million at the time writing, 229.3 million NPXS tokens worth approximately $1 million and 3.2 million BNT tokens, Bancor’s own token, worth about $10 million at the time of the theft.

The robbery comes as the latest black eye for Bancor, which last year conducted what was then the largest “Initial Coin Offering” in history on the promise of creating a liquidity market for lesser used digital currencies. Bancor is based on the premise of using a fluctuating price system to provide an outlet for selling those digital tokens—even if there is no available buyer for them.the company said in a statement.

The company said in a statement.

“We were able to freeze the stolen BNT, limiting the damage to the Bancor ecosystem from the theft. The ability to freeze tokens was built into the Bancor Protocol to be used in an extreme situation to recover from a security breach, allowing Bancor to effectively stop the thief from running away with the stolen tokens.”

The company added that it has temporarily shut down its network while it addresses the security issues. Meanwhile, the price of Bancor tokens fell 14% on Monday according to data from Coinmarketcap.

Bancor is expected to go back online by today, with post updates available on Telegram and Twitter.

KryptoMoney.com publishes latest news and updates about Bitcoin, Blockchain Technology ,Cryptocurrencies and upcoming ICO’s.

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