Breach: Cryptocurrency Platform Bancor Hacked, $23.5 Millions of Worth Stolen

Breach: Cryptocurrency Platform Bancor Hacked, $23.5 Millions of Worth Stolen
The Siliconreview
11 July, 2018

Bancor, an Israeli-based platform, which deals with cryptocurrencies and its own Bancor tokens for trades, was reportedly hacked on Monday. Post incident, the platform’s website was temporally shut down as the hacker managed to breach the online security and stole about $23.5 millions of worth.

“We will be working together with dozens of cryptocurrency exchanges to trace the stolen funds and make it more difficult for the thief to liquidate them,” said a Bancor official.

According to a report, the hacker stole 24,984 in Ethereum worth $11.9 million, 229.3 million NPXS tokens worth $ 1 million, 3.2 million BNT tokens and its own token worth 10 million at the time of the breach.

Since BNT tokens are embedded with technology that can freeze funds, few amounts of it were saved. The freezing system is utilized in extreme situations where the company manages to stop any theft from stealing tokens and hence, to recover from the breach.

 The company stated that it raised $153 million by itself in its ICO in January 2017 and this incident cannot be considered as a scam because the founders wouldn’t have stuck around for 18 months and they would have stolen much larger sums of cryptocurrency.