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Bancor Shuts Down After Breach in Security

After a reported hacking attack on Bancor, the digital exchange company has announced shutting down until an investigation into the matter has been completed. The system hack was reported to have resulted in a $12M breach and Bancor commented on the incident, confirming all reports into the matter on through social media.


Breach 


The company stated that its services would be temporarily shut down to allow the proper authorities involved to undergo their investigation without operational interference. Reporting the incident through social media, Bancor stated on Twitter that platform users were not affected by the breach and will publish a full report on the matter after authorities conclude the investigation.


Bancor’s website has also shut down, displaying an “under maintenance” relay to all visitors and promises a swift return of operations shortly. Utilizing a digital currency-focused exchange, the attackers acquired their assets through Ghangelly, the service provider. Given Bancor’s cold-storage wallet nature, users retained all their assets and no thefts or missing tokens were reported by clients.


The leading executive of Bancor stated that assets were stolen from the system using Ghangelly before Bancor froze and seized any ongoing transactions. 

Decentralized


According to the reported asset thefts, Ethereum was among the coins stolen, accumulating to almost $12 million in value. The company’s native token was frozen before any further theft could go on, although other tokens were among those taken and the company is collaborating with others to locate the missing funds.


Due to the decentralized nature of Bancor and its operating framework, the company established itself among top names in the industry during its ICO, gathering a reported $150M in a matter of hours during its funding. Its co-founder is an avid opposing voice towards centralized exchanges and trading platforms.



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