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Bancor provides an update with clarifications and assurances for its users

Simran Alphonso

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Bancor provides an update with clarifications and assurances for its users
Source: Pixabay

Bancor, the decentralized exchange platform, recently provided clarity on the security breach experienced by the platform earlier this week. Due to the compromised security of their wallet, the organization was blacklisted amongst crypto-users.

In order to clarify the fraudulence that occurred Bancor released an official statement. Bancor’s official handle on Twitter stated:

“We want to clarify some things about the events over the last few days:”

Along with the tweet, the platform posted an image for further clarifications.

In the clarification note, Bancor explained how no user wallet was firstly put at risk. The stolen BNT coins were taken from a store of coins which was reserved for BNT’s connector balance. They added the details of how the rest of the coins were victims of an exploit in the smart contracts. They were taken due to the breached wallet’s access to the network.

Bancor then affirmed the development of their technology and how it has been under a pilot program for over 3 years. Bancor assured their users and future customers by stating that their technology will further be advanced and can prevent such breaches. They also confirmed that providing security for the network and token holders in the state of emergency would be their priority.

The security breach occurred at 00:00 UTC on Monday and the wallet was used to withdraw ETH from the BNT smart contract. Hackers were able to steal over a $23.5 million of ETH, BNT and NPXS.

The approximate estimations are:

  • 24,984 ETH [approx. $12.5 million]
  • 229,356,645 NPXS [approx. $1 million]
  • 3,200,000 BNT [approx. $10 million]

Mike Belevtsov, a Twitter user commented:

“Thanks for the clarification! I’m sure the team has enough of resources to recover that in full volume and get even stronger after. Great work Bancor!”

 


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Simran Alphonso is a Journalist at Ambcrypto. She has a background in Financial Markets and holds expertise in Digital Marketing.

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1 Comment

1 Comment

  1. Nicole

    July 12, 2018 at 11:46 AM

    Seems like we should wait for more details. As of right now- Bancor is up and running, No user funds have been compromised, and they(Bancor) didn’t hide anything..

    A lot of baseless FUD being spread. DYOR

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