Another hack rocks cryptocurrency trading: Bancor loses $13.5 million
This week, the start-up said that a wallet being used to ‘upgrade’ smart contracts was compromised. This wallet was then used to withdraw $12.5 million in Ethereum (ETH), alongside $1 million in Pundi X (NPXS) and $10 million in Bancor Network Tokens (BNT). Bancor says that once the compromised wallet was identified the company was able to mitigate the damage by freezing the transfer of BNT, bringing the cost down to roughly $13.5 million.
The start-up says it was ‘not possible’ to freeze or prevent the theft of the Ether tokens. However, the alleged theft of three different kinds of cryptocurrency from the platform has raised questions as to the nature of the apparently decentralized service.