Israeli company Bancor are the latest victims of a cryptocurrency related hack that is alleged to have seen $13.5 Million worth of cryptocurrency stolen.
Here is the latest update on the recent security breach: pic.twitter.com/JroypFvBri
— Bancor (@Bancor) 9 July 2018
The hack has seen both Ethereum and PundiX stolen from Bancor, though the hack is of quite a large scale, the markets haven’t been impacted too dramatically by this news.
According to the announcement by Bancor:
“The details of the breach are still being investigated, but we wanted to update the community with the facts that we have so far. A wallet used to upgrade some smart contracts was compromised. THis compromised wallet was then used to withdraw ETH from the BNT smart contract.”
“Once the theft was identified, we were able to freeze the stolen BNT, limiting the damage to the Bancor ecosystem from the theft. The ability to freeze tokens was built into the Bancor Protocol 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.”
Whilst Bancor have been able to save the stolen BNT through this security parameter, the stolen Ethereum and PundiX cannot be isolated in this way and therefore, these assets have been successfully lifted from Bancor. As it stands though, Bancor are working with other exchanges to trace the stolen tokens, at the very least to make it harder for the hackers to profit from them.
Whilst this hasn’t had a huge impact on the markets, this does act as another reminder about just how dangerous cryptocurrency investment is. No matter how safe you think your assets are, they are always at risk of hackers and scammers. These people will always be one step ahead of the game and therefore as an investor and a trader, you need to remain vigilant. Keep your assets offline, then at the very least, you are responsible for your own security.