Home News $24 000 000 were stolen from Bancor cryptocurrency exchange

$24 000 000 were stolen from Bancor cryptocurrency exchange

Bancor, a popular cryptocurrency trading platform, recently fell victim to cybercriminals who stole about $24 000 000 worth of ethers by means of exploiting a vulnerability in wallet firewall.

On July 9, Bancor informed its users about the incident in a Tweet:

“This morning (CEST) Bancor experienced a security breach. No user wallets were compromised. To complete the investigation, we have moved to maintenance and will be releasing a more detailed report shortly. We look forward to being back online as soon as possible.”

According to more detailed update which followed closely the initial Tweet, an unknown hacker attacked a wallet used for smart contract updating. The criminal (or a group of criminals) managed to withdraw 24 984 ETH and other ERC-20 tokens, namely NXPS and Bancor’s BNT.

The total amount stolen is about $24 000 000. The users’ funds, nevertheless, remained intact, as noted by Bancor team. Bancor is now working with many other crypto exchanges and brokers in order to trace the stolen funds.

“Once the theft was identified, we were able to freeze the stolen BNT, limiting the damage to the Bancor ecosystem from the theft,” – the team reported.

This statement caused much displeasure among the cryptocommunity, despite all Bancor’s attempts to convince its users that the implementation of such a centralized approach to the problem was motivated by “an extreme situation”. The creator of Litecoin Charlie Lee expressed his concerns in the following Tweet:

As reported last month, Bithumb, another major cryptocurrency exchange, was robbed of $30 000 000. However, thanks to cooperation with other trading platforms, it managed to recover almost half the stolen amount.