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.

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