Bancor loses $12.5M worth of Ethereum to cyber baddies in overnight raid

Israeli digital asset exchange Bancor has suffered a major hack – a sizely $23.5 million – in yet another stark reminder that big industry players simply are not paying attention to their security. Initially described as a “security breach,” Bancor eventually revealed the hackers exploited a compromised wallet, inserting malicious code in certain smart contracts which “allowed the withdrawal of almost 25,000 Ethereum tokens (approximately $12.5 million). Funnily enough, $10 million in native Bancor coin BNT was able to be immediately frozen and recovered – Bancor ironicially lauding their ability to freeze tokens in situations such as these. Lately, moves…

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Source:: The Next Web – Technology


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