Bancor Online Wallet Hacked: $23M Worth of Tokens Stolen

The news about Bancor online wallet hacked has been brought to the public by the company itself. A hack worth $23 million has taken place yesterday afternoon.

10 July, AtoZ Markets – Cryptocurrency project Bancor has announced that on Monday afternoon, one of the companies’ online wallets has been hacked and tokens worth $23.3 million have been stolen.

Bancor’s Successful ICO

The project has fundraised around $153 million in a bid to create a digital token exchange last year. It has been claiming that its platform is the perfect way for token buyers and sellers to avoid the fees that are existing in other cryptocurrency exchanges.

Yet, in spite of quite a successful fundraising session, many users have reportedly been skeptical of the company, which caused the price of BNT tokens to drop. In fact, even billionaire Tim Draper has taken part in Bancor ICO. Earlier last November, he has stated:

“My inner capitalist is just dumbfounded by the concept of Bancor.”

The company has been the largest ICO in history that have promised to create a liquidity market for less popular digital currencies. The key idea behind Bancor is the utilization of a fluctuating price system to provide a platform for selling these digital tokens.

Bancor Online Wallet Hacked

Coming back to the recent Bancor hack, the news came from the company itself. The company has disclosed it has experienced an unspecified security breach. Then, the firm has announced that thieves have stolen ETH tokens worth around $12.5 million and BNT tokens worth of $10 million.

The hack emerges as the latest example of cybercriminals targeting token companies. Back in January, Ernst & Young have reported that around 10% of all their funds, or over $400 million, have been lost to hackers.

Bancor has tweeted that it was able to freeze the movement of the BNT tokens, thus stopping the hackers from fleeing with them. However, the company could not prevent criminals from stealing ETH tokens and NPXS tokens worth of $1M.

The company has also added that it has temporarily suspended its network in order to carry out maintenance related to the security issues.

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