Hackers steal $23.5m from Bancor wallet

July 10, 2018
Chris Wheal

Bancor, the decentralized exchange, said on Monday night that a vulnerability in one of its wallets had left it exposed to hackers who stole $23.5m in cryptocurrency tokens.

Theft from Bancor wallet exposes vulnerability

The company, which last year raised $153m in an initial coin offering, to fund the creation of the exchange, said on Twitter it had experience a security breach as hackers infiltrated a wallet it had used to upgrade a number of smart contracts.

No individual user wallets were compromised, however, the company said in a statement on Twitter.

Stolen tokens

It added that the thieves had stolen ether tokens valued at $12.5m, around $10m worth of its native bancor token and $1m in pundi X.

Bancor said that its own token had been frozen thanks to a built-in safety protocol.

“The ability to freeze tokens was built into the Bancor Protocol to be used in an extreme situation to recover from a security breach, allowing Bancor to effectively stop the thief from running away with the stolen tokens,” the company said on Twitter.

Working with exchanges

The stolen ether tokens, however, remained lost and Bancor said it was working with dozens of crypto exchanges to help trace the stolen funds, or at least make it harder for the thieves to liquidate them.

The company added it had temporarily moved to maintenance and would be back online as soon as possible. It said it would post further updates on Twitter and Telegraph.

Post written by Chris Wheal
Chris Wheal is editor of OpenLedger's news and features service. An award-wining business journalists himself, he runs a team of freelance journalists from across the UK and north America.

Related News

OL DEX is closing all activities April 25, 2020
USDT (ERC-20) Gateway Enabled April 17, 2020