Token Creation Platform Bancor Hacked, $13.5 Million in Crypto Stolen

10.07.2018

Hackers have made off with about $13.5 million in cryptocurrency following an attack on token creation platform and decentralized cryptocurrency exchange Bancor.

Bancor announced that they had taken their network offline following a “security breach” in a tweet on July 9. In a follow up tweet, Bancor revealed that about 25,000 ETH, worth about $12.5 million, and about 230 million Pundi X tokens (NPXS), worth about $1 million, were stolen from their network by hackers.

Hackers also tried to steal 3.2 million Bancor tokens (BNT), worth about $10 million, but the tokens were frozen before the transfer could be completed. The Israeli startup was unable to freeze the ETH and NPXS funds, but is “working with dozens of exchanges” to prevent the hackers from being able to cash in.

Although Bancor emphasized that “no user wallets were compromised,” the company revealed that the hackers did successfully compromise a wallet “used to upgrade some smart contracts.”

Bancor became the largest initial coin offering (ICO) project on June 10, when it raised $153 million in one day. Ultimately, Bancor’s ICO record was broken by Filecoin, Telegram, and EOS.

According to CoinMarketCap, Bancor was trading at around $3.14 on July 9 but crashed to $2.33 on July 10, declining more than 25 percent after the hack.

Latest news

20.07.2018
JP Morgan Files Patent for Blockchain-Based Virtual Receipts Management System JPMorgan Chase & Co has filed a new patent for a blockchain-based system that manages virtual receipts backed by assets or bonds.
20.07.2018
Neufund, Binance, and Malta Stock Exchange to Create Issuance Platform for Security Tokens Crypto fund Neufund, Binance, one of the world’s largest cryptocurrency exchanges, and MSX, the innovation arm of the Malta Stock Exchange, have partnered together to form a decentralized global exchange and security token issuance platform.
20.07.2018
New Token Listings: ContentBox, Sweetbridge, CrowdCoinage, and Alttex Trading pairs of initial coin offering (ICO) projects ContentBox (BOX), Sweetbridge (SWC), CrowdCoinage (CCOS), and Alttex (ALTX) were listed on several different cryptocurrency exchanges on July 20.