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

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

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.

10 Jul 2018

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