Bancor HACKED for 65+ Lambos Worth of Ethereum

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Bancor hacked

Following the recent hack of the Japanese based crypto exchange Coincheck, criminals attacked Bancor, an Israel based crypto exchange which has lost its $13.5 million worth crypto tokens.

The $13.5 million crypto tokens loss to include massive $12.5 million Ether tokens and the rest $1 million is Pundi X, which is a lesser known crypto token. It is estimated that the $12.5 million dollar Ethereum includes about 25000 tokens and the $1 million Pundi X includes 300000 tokens. This substantial attack halted all Bancor operations and it is expected to restore the normalcy back inside 24 hrs.

A dependable source claimed that the criminals attacked Bancor and the hacked crypto tokens have been converted by them. Nate Hindman, The head of communications at Bancor commented that they have been collaborating with many well-known firms in the field of technology, in order to secure their platform against theft.

The complete official statement regarding the theft will be released after the investigation. For now, it has been said that “no user wallets have been compromised in this attack”. According to LiveCoinWatch, the value of Ethereum has decreased by 7.7% and the value of Pundi X decreased by 15%.

Public Reactions

The crypto token loss has become a heated topic of discussion on Reddit. The suffix “Not giving away ETH” in Bancors twitter description was gained all the attention. The users are of the opinion that a centralized network is good at times.

Bancor is described itself as a “decentralized liquidity network”, Nate Hindman also made an opinion that he would rather choose a decentralized network over the centralized network.

In a Twitter update made by the official page of Bancor says,

“Earlier today, at approximately 00:00 UTC, Bancor experienced a security breach. We take this incident very seriously. We are committing every resource to resolve it, getting the network back online and tracking down the criminals involved”. They also provided the value of crypto tokens lost in the theft and the accurate number of tokens lost:

“It is not possible to freeze the ETH or any other stolen tokens. However, we are now working together with dozens of cryptocurrency exchanges to trace the stolen funds and make it more difficult for the thief to liquidate them”.

Bancor promised that they will be making continuous updates through social media to keep everyone updated about the progress and thanked users for their patience. Stay tuned for more updates on the crypto token loss!

Asif is a cryptocurrency enthusiast and journalist who's been writing on the subject since 2014. He also has a keen interest in social engineering and cybersecurity. When not busy writing about cryptocurrency, he can be found reading books and listening to music. He holds an M.Sc in Life Science and an MBA in Finance & Banking. His work has been published on an extensive list of publications including blockgeeks.com, myhomestuffs.com, imaginghub.com, blockonomy.org, blokt.com and theglobalmail.org.

1 COMMENT

  1. What a Clickbait title! It could have been a lot worse. No users funds are gone and the stolen BNT was prevented from being dumped in the market.

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