|Jul 10, 2018 10:22 AM||By: John Patrick Mullin | 3546 Views|
BNT, a blockchain outline that leverages the talents of smart contracts to fix liquidity immediately into tokens themselves, declared today now that a security breach happened in the loss of $13.5 million in cryptocurrency.
Here is the latest update on the recent security breach: pic.twitter.com/JroypFvBri— Bancor (@Bancor) July 9, 2018
According to the announcement, hackers were capable of taking benefit of a settled wallet that was practiced to upgrade smart contracts in the Bancor protocol to withdraw 24,984 ETH ($12.5 million). Additional amounts stolen include 229,356,645 in NPXS (PundiX) and 3,200,000 in BNT (Bancor), calculating $1 million and $10 million to the total taken, separately.
Bancor’s organization saw that it was able to stop the transfer of BNT tokens, which is a characteristic of the Bancor protocol. However, this is not likely for the stolen ETH and NPXS, but they plan to work with exchanges to trace the liquidation of the stores.
Bancor is controlled by the Bprotocol Foundation, which was founded in 2017 to promote the adoption of the Bancor Protocol as a global model for Smart Tokens. Famous investor Tim Draper is currently an advisor to the Bprotocol Foundation.
The price of BNT (Bancor) is down over 19% over the last 24 hours in response to the security breach, splitting the project with a $127 million market cap.
As a result of the breach, Bancor has chosen to place its platform into support mode but requires to be back online within the next 24 hours. Although Bancor does not include any user assets, the website support message reassures users, “Your wallet and your funds are forever safe, secure and under your property on the blockchain at all times.”