By Jon Russell
Bancor, a crypto company that touts a decentralized exchange service, has lost some $23.5 million of cryptocurrency tokens belonging to its users following a hack.
The Israel-based company raised over $150 million in an ICO last year and its services include a wallet with a built-in exchange service. Today, Bancor said in a statement that “a wallet used to upgrade some smart contracts was compromised.” As a result, the attackers made off with $12.5 million in Ether, $1 million in Pundi X’s NPXS token and $10 million in Bancor’s BNT.
Bancor said it has frozen the BNT, but it is unable to do the same to the other tokens. The company added that it is communicating with a number of exchanges in a bid to “make it more difficult for the thief to liquidate” the stolen tokens, but it remains to be seen how successful those efforts will be.
Following the incident, Bancor has taken its exchange offline while it conducts an investigation. There’s no word on when it will resume operations.
Critics on Twitter, including Litecoin creator Charlie Lee pointed, out that the irony that Bancor, which claims to be decentralized, responded to the hack with strategies aligned to …read more
Source: Tech Crunch