The Bancor Exchange was Hacked, the Crypto-Currencies were stolen by $ 23 million

The decentralized exchange Bancor said that the vulnerability in the site system was used to steal 24,984 ETH (about $ 12 million), as well as NPKs worth $ 1 million and BNT (internal Bancor tokens) at a cost of $ 10 million, so the total damage at current rates was about $ 23 million.

In its Twitter entry on July 10, the Bancor Exchange announced a hacking and that the site is starting to investigate the incident. The platform assured that users’ wallets were not compromised and a detailed report will be issued soon.

Hacking occurred today around 00:00 UTC, when the purse used to update some smart contracts was compromised. After that, the hackers withdrew from the exchange ethers and tokens of the standard ERC-20 – NPXS and BNT.

The stolen BNT tokens were frozen using a mechanism built into the Bancor protocol. The exchange said that this mechanism was introduced just for such problems, “to use it in an emergency situation and recover from hacking, allowing Bancor to prevent fraudsters from hiding with tokens”

However, stolen ETH and other tokens to return is not so simple. Bancor states that the site “works together with dozens of crypto-exchange exchanges to track the stolen funds and complicate their laundering for hackers.”

Representatives of the exchange said that they will continue to publish updates about any further developments in their channel in Telegram and on Twitter. Currently, the exchange does not work. Konstantin Gladych, CEO of Changelly, said that part of the stolen funds was exchanged through Changelly.

In July 2017, Bancor raised $ 153 million in a few hours, making its ICO one of the largest in history.

Earlier this week, the founder of the Ethereum, Vitalik Buterin, said that centralized crypto-exchange exchanges should “burn in hell as long as possible”. However, it is clear that decentralized sites are also by default not insured against vulnerabilities and hacking.

Token Bancor (BNT) lost in price 16% from about $ 3.15 at the beginning of the day to $ 2.40 at the time of publication of the article.

The last major break-in in the industry was the theft of the $ 32 million crypto-currency from the Bithumb exchange last month. However, just 9 days after the incident, the site stated that it managed to return coins of $ 14 million through cooperation with other trading platforms.

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