Crypto Hack Report: Bancor lost $23.5 Million Cryptocurrency Tokens

Crypto Hack Report: Bancor lost $23.5 Million Cryptocurrency Tokens

July 12, 2018 Off By Steven Anderson

Early this week, Bancor, a crypto company has lost some $23.5 million of cryptocurrency tokens. Bancor, an Israel-based crypto company offer services that include a built-in exchange service as its crypto wallet. Bancor said in a statement that the company’s wallet being used to upgrade smart deals was compromised. According to the company, the hackers made off with $10 million in Bancor’s BNT, $12.5 million in Ether, and $1 million in NPXS token.

The company said that it had frozen its BNT. However, Bancor was unable to make the same move on its other tokens. Bancor also added that the company is dealing with other exchange company to liquidate the lost tokens. The team also see how successful their efforts it will be with regards to the latest incident that happen to their company.

Following the hack, the company has taken its exchange offline while it conducts an investigation. When it comes to the resume of the operations, Bancor has no word yet. With the incident report posted on Twitter, many critics arise including Charlie Lee, the Litecoin creator. The company announced on its Twitter account about the security breach experienced by the company.

According to Bancor, they are taking the incident seriously. The company is using all its sources in getting the work back online and to track down all the criminals involved. With regards to the details of the incident, Bancor said that it is still under investigation. The wallet used for all the smart contracts was compromised. The compromised wallet was used to withdraw all the Ethereum from the BNT smart contract amounting to $12.5 million.

One the cause of the breach was determined, the company will freeze the stolen BNT to limit the damage. The team’s ability to freeze tokens was due to the company’s protocol. The Bancor Protocol is used during a crucial situation to cope with a security breach. It allows the company to deal with the thief from running away with all the taken tokens.

Bancor is currently working together to trace all the stolen funds and make it hard for the robber to liquidate the stolen tokens. The company also mentioned on its Twitter post that it is not possible for them to freeze all the stolen tokens. The recent attacks happened to Bancor is a bad day of news for the world of cryptocurrency. Today, the company continue to provide updates on its Twitter and Telegram channel.

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