Bancor (BNT) Issues Security Breach Warning Message About Potential Wallet Hack
cryptocurrency-event-2018

Another Hack Takes Place, This Time to Bancor With A Theft of $12 Million Ethers

Did you try logging into bancor.network today? Did a message indicating maintenance and Bancor’s soon return pop up?

The maintenance has flourished due to a hacking that Bancor, a cryptocurrency exchange fell victim to.

A released statement revealed that over $23 million worth of cryptocurrencies were stolen. The breakdown includes 24,984 ETH (valued at about $12 million), Bancor’s native coin, BNT with a total value of $10 million and lastly, NPXS, totaling about $1 million.

Bancor tweeted the news out earlier this morning, indicating that it was in fact a security breach. The team involved also comforted many crypto investors indicating that “No user wallets were compromised.” For the time being, an investigation will make its way with an in-depth report that will be released shortly.

As for the hack, CCN reported that it took place at 00:00 UTC and was only successful because the main wallet responsible for making advancements was hacked. Fortunately, Bancor was able to save the stolen BNT by using a protocol that the team described as a last resort that is “used in an extreme situation to recover from a security breach”. However, the same cannot be said about the other stolen cryptos.

In addition to the fact that Bancor will be working alongside other exchanges to trace and further prevent the hacker from withdrawing the funds, the wallet in which the ethers were sent to was also exposed to the general public.

Getting back to the combined efforts of the exchanges along with Bancor, Cointelegraph reported that the CEO of Changelly, Konstantin Gladych confirmed that the thief managed to make the swap through Changelly.

As per CoinMarketCap, BNT’s value dropped from 3.15USD to about 2.73USD, with a temporary dip at 2.54USD. Altogether, this comes out to a drop of roughly 13.333%. The relatively small drop could be partly due to Bancor’s built-in mechanism that prevented the thief from getting away with part of the robbery.

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