Bancor Suffers Security Breach – Hackers Stolen $23.5 Million Worth Cryptocurrency

Israeli based cryptocurrency exchange platform Bancor suffers Security Breach, hackers stolen $13.5 Million Worth Cryptocurrency.

According to the company statement, the hack attack took place on July 9, at 00:00 UTC and no user wallets have been compromised in the attack.

How Bancor Security Breach Occurs

Bancor website in maintenance now, according to their statement, hackers compromised the wallet that used to update the smart contacts and used to withdraw the Etherum that worth $12.5 million and $1 million worth Pundi X from the BNT.

“Once the theft was identified, we were able to freeze the stolen BNT that prevents the damage of $10 million from its crypto tokens.

Cointelegraph reports that stolen funds have been exchanges by hackers through instant conversion service Changelly.

Bancor didn’t reveal how the hackers penetrated into their system and the company says “we are working together with dozens of cryptocurrency exchanges to trace the stolen funds and make it more difficult for their thief to liquidate them.”

According to Bancor recent update “We are close to reactivating the Bancor Network. We appreciate your support and the healthy debate on the balance between security and decentralization that has ensued.”

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