Crypto News Flash #207: Decentralized Crypto Exchange 'Bancor' Has Been Hacked For $23 Million

in #news6 years ago

Crypto exchange hacks have become a serious problem these days for crypto space. They not only affect the exchange they attack but the reputation of whole crypto market. Not long ago, we have seen Bithumb hack in which over $20 Million funds were stolen. Before that, it was Coinrail which got hacked for $10 Million. 

This time, Bancor has been hacked for $23 Million. 

In a recent statement, Bancor announced that it was hacked by exploiting a vulnerability in their security system and $23 Million has been wiped out from their wallets. Although, Bancor officials said that no users wallet has been compromised and only the exchange's own wallet was hacked. Users funds are completely safe.

The hack was occurred 23 hours ago when a wallet used to upgrade some smart contracts was hacked and funds were withdrawn into ERC-20 based tokens NPXS, BNT and Ethereum.

Hacker was able to steal 24,984 Ethereum ($12 Million), $1Million worth of Pundi X (NPXS) and $10 Million worth of Bancor (BNT).

Although, hacker wasn't able to withdraw BNT tokens because of a fail-safe mechanism built by the exchange but still the other funds were compromised. The funds withdrew in Ethereum can be seen here

Bancor exchange assured their users that it is working with other crypto exchanges to catch those hackers. Changelly CEO also tweeted recently regarding the Bancor hack. He said that parts of stolen funds have been exchanged via Changelly.

Following the hacking news, BNT token fell from $3.15 to $2.72, a 14% dip within hours. Also Bitcoin dumped too following this news by 2%

Thanks for reading ...!!

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its very bad news in crypto currency market. its is not possible to freeze stolen tokens/coins, if the thief will identify they can. BNT said "they are working with dozens of cryptocurrency exchanges to trace the stolen funds & make it more difficult for the thief liquidate them."
what you think what is the possible ways to identfy thief ?

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