Bancor Cryptocurrency Exchange Is Attacked by Hackers

In a report released several hours ago, Israeli-established cryptocurrency exchange Bancor admitted security case following which a hacker made off with approximately $13.5 million worth of cryptocurrency.

Pursuant to Bancor the attack took place yesterday, July 9, at 00:00 UTC, after an unidentified violator(s) obtained access to one of the company’s wallets.

This was a graet case because Bancor doesn’t work as a classic exchange platform, but utilizes a complex regularity founded on smart contracts operating on the Ethereum platform to push funds at a faster pace than classic exchange platforms.

The discredited wallet also awarded the attacker access to updating and correcting the smart contracts accountable for converting user funds.

Bancor declares the hacker used this access to remove 24,984 Ether (ETH) coins (~$12.5 million) from Bancor smart deals and sent the Ether to his own individual wallet.

He also withdrew 229,356,645 Pundi X (NPXS) coins cost another $1 million.

The hacker also remove 3,200,000 Bancor tokens (BNT) (worth around $10 million), which Bancor had released last year as part of its ICO that elevated over $150 million, but Bancor says a provision feature in Bancor tokens permitted it to freeze the funds and hinder the hacker from cashing it out at other exchanges.

Bancor said the hacker didn’t discredit any user wallets. The stealing appears to have affected only Bancor’s reserves, which the firm detained to promote the cryptocurrency exchange process.

A year ago, a security researcher reviewed the Bancor platform for utilizing  smart contracts that provided number of security shortcomings.

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