Cryptocurrency and ICO news 10.07.2018

Bancor hacked, $12 million stolen

Decentralized exchange Bancor stated that a vulnerability was exploited to steal 24,984 ETH (approx $12 million), $1 million worth of NPXS and $10 million worth of BNT.

The stolen BNT has since been frozen using a mechanism built into the Bancor Protocol. Bancor stated that this was built in 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”

However, the stolen ETH and other tokens are still compromised. Bancor stated that they 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”. The exchange is currently down but to come back online in 24 hours.

Bancor raised $153 million dollars in July 2017 in a span of few hours making it one of the largest ICO’s ever.

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