Bancor latest cryptocurrency exchange to lose tokens in hack

Yet another cryptocurrency exchange has been hacked – this time around, Israel-based Bancor has lost around $23.5 million in tokens.

Bancor’s initial statement on the subject came on Monday, with the announcement that the exchange had experienced a security breach, but that no user wallets had been compromised.

A follow-up statement released a few hours later revealed that details are still under investigation, but that a wallet used to upgrade some smart contracts had been compromised. The compromised wallet was then used to withdraw from Bancor’s smart contract 24,984 ETH (Ethereum, approximately $12.5 million), 229,356,645 NPXS (Pundi X, approximately $1 million), and 3,200,000 BNT (Bancor, approximately $10 million).

The exchange said that once the theft had been identified the stolen BNT tokens were frozen, but that it was unable to freeze the other tokens.

“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 said in its statement.

According to Coinmarketcap, the price of BNT fell by nearly 14% on Monday.

Researcher, writer, recovering medievalist. Currently particularly interested in the cybersecurity solutions market, cyber insurance/risk modelling, and IoT security.

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