Bancor hacked out of 23 million

News

Decentralised exchange, Bancor, has had a vulnerability in its platform exploited that has allowed hackers to leave with over 32 million USD worth of cryptocurrencies

The news breaks as the Bancor twitter account shares information regarding the incident

Earlier today, at approximately 00:00 UTC, Bancor experienced a security breach. We take this incident very seriously. We are committing every resource to resolving it, getting the network back online and tracking down the criminals involved.

The details of the breach are still being investigation, but we wanted to update the community with the facts that we have so far.

A wallet used to upgrade some smart contracts was compromised. This compromised wallet was then used to withdraw ETH from the BNT smart contract in the amount of 24,984 ETH(~12.5M). The same wallet also stole: 229,256,645 NPXS (~1M) 3,200,000 BNT (~10M)

Once the theft was identified, 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.

It is not possible to freeze the ETH or any other stolen tokens. However, we are now working together with dozens of cryptocurrency exchanges to trace the stolen funds and make it more difficult for the thief to liquidate them.

We will continue to post updates as and when appropriate on our Telegram channel and on Twitter. We appreciate tour patience as we resolve the matter

Original article sources via Bancor’s official twitter account

Tagged

Leave a Reply

Your email address will not be published. Required fields are marked *