Swiss platform Bancor lost $13.5 million

Posted 10 July, 2018

Switzerland-based crypto trading platform – Bancor – reportedly lost about $13.5 million due to the wallet weakness.

According to the company statement, the hacker attack happened at midnight on July 9. The hackers stole ETH 24,984 worth some $12.5 million, some BNT 3.2 million ($1 million) and more than 229 NXPS tokens ($1 million).

As the company commented, the attack on the wallet was made at midnight when it updates smart contract. As a result, hackers withdrew assets from Bancor. However, the company managed to freeze BNT tokens thanks to the system integrated into Bancor Protocol. 

Bancor's representative stated that:

"The built-in protocol is 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."

Unfortunately, the company is said to be unable to freeze Ethereum and NPXS, but they are doing their best to detect the stolen assets.

“We are working together with dozens of cryptocurrency exchanges to trace the stolen funds and make it more difficult for the thief to liquidate them,” the statement reads.

It is worth mentioning, Swiss exchange managed to generate $153 million in July 2017 just over three hours after the launch of the ICO.

Previous story

11 July, 2018 11:39

← US dollar still on the rise, trade war issue gathers pace

The US dollar is close to its 11-month peak vs the Chinese yuan. At the same time, Australian currency plunged following the reports about new duties on Chinese imports worth $200 billion in the USA. The decision of Washington only adds fuel to the fire now. Such news background only even more expanded tensions regarding the US-China trade war...

US dollar still on the rise, trade war issue gathers pace

Next story

10 July, 2018 14:24

Sterling posts slight rebound by day on upcoming reports →

The sterling has posted some strengthening despite uncertainties about further Brexit realization, especially given the recent resignation of the officials. The players wait for the economic growth report, that can make the BOE decide to revise the interest rate this August.

Sterling posts slight rebound by day on upcoming reports
Write a comment
 
Prove you’re not a bot + 15 = 30