Decentralize Cryptocurrency Exchange BANCOR Hacked

Bancor Network
Bancor Network

Another Cryptocurrency Exchange Bancor Gets Hacked

  • 12.5 million worth Ethereum Stolen.

  • Also, Pundi X (NPXS) worth $1Million and Bancor (BNT) worth $10 Million Hacked.

  • The Investigation is ongoing.

On Monday afternoon, the company officially announced that cyber criminals have hacked its wallet worth $23.5 million and it suffered a security breach.

Bancor is a decentralized liquidity network that provides users with a simple, low-cost way to convert tokens directly from their wallets.

The Company said in the statement,
No user wallets were compromised. To complete the investigation, we have moved to maintenance and will be releasing a more detailed report shortly. We look forward to being back online as soon as possible. It is not possible to freeze the ETH or any other stolen tokens. However we 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.

At last year the project had been raised $153 million to create a digital token exchange.

In the statement, Bancor said, the compromised wallet was then used to withdraw ETH from the BNT smart contract in the amount of 24,984 ETH worth value $12.5 Million. Also, the same wallet stole NPXS and BNT worth value $1 Million and $10 Million respectively.

Currently, Bancor network is temporarily shut down until this security issue is fixed on their platform. Its price fell down by 14%. According to CryptoMarketOne, Bancor (BNT) value dropped from $3.15 to $2.15. You can check the real-time Bancor price here.

It is not the first time that Cryptocurrency exchange got Hacked. One of the reports, tells that approx $400 million funds had been hacked since January and that’s the reason people are still afraid to invest in digital currencies.

Some of the countries are not even allowed to trade in Cryptocurrency. Bitcoin price is currently low as compared to last year.

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