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Decentralized Exchange Bancor Loses $24 Mln in Crypto in Security Attack

  • Yuri Molchan
    📰 News

    The platform has lost almost 25,000 ETH and other coins after one wallet was compromised


Decentralized Exchange Bancor Loses $24 Mln in Crypto in Security Attack
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On Monday, July 9, Bancor notified its users on Twitter that the website would be shut down for maintenance. Later on, the exchange posted that it had faced a security attack, however, they wrote, all funds were safe and that they had started an investigation.

Damage done

Nevertheless, later the exchange team announced that hackers managed to get control of a wallet, which was used for working with smart contracts. The hackers got hold of slightly under 25,000 ETH, a large number of NXPS and the local coin BNT.

The amount of the funds stolen equaled to $24 mln. However, the Twitter update made by Bancor insists that no user money was lost.

A quick response followed

The exchange team quickly activated a BNT smart contract and froze the coins. However, they failed to trace or get hold of the stolen ETH and NXPS. The team is busy finding a solution to this problem together with many other crypto exchanges in an attempt to trace the coins and identify the criminals.

Bancor background

Last year Bancor raised around $153 mln in an ICO and became the most significant decentralized exchange (DEX) in the industry. It has also consistently exceeded other decentralized exchanges in trading volumes.

Opponents’ critics

After yesterday’s hack, various experts started heavily criticizing the platform regarding its operations security methods. Charlie Lee on Twitter expressed his doubts regarding the exchange being decentralized at all since it froze users’ funds after the hack.

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Lee’s critical assessment of the situation is caused by the similar situation that happened a few years ago with DAO when the Ethereum team decided to hardfork to save the frozen ETH tokens. This resulted in the split in the community and the creation of the Ethereum Classic platform.

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Crypto Wonders: Binance Coin (BNB) Hits Its New ATH, Surpassing Its January 2018's Peak

  • Alex Morris
    📰 News

    Binance Coin is so far the second cryptocurrency (after EOS) that managed to rebound after January 2018's drawdown


Crypto Wonders: Binance Coin (BNB) Hits Its New ATH, Surpassing Its January 2018's Peak
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After surging by more than 14 percent over the last 24 hours, Binance Coin has managed to surpass its previous ATH that was recorded during the peak of the bull market in January 2018, according to the data provided by CoinMarketCap (CMC). The historic rally was triggered by numerous recent developments inside the exchange’s ecosystem.  

Binance Coin, CoinMarketCap
Binance Coin continues to register double-digit gains, image by CoinMarketCap

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BNB makes history

At the time of writing this article, the price of the BNB token is at $24.65, rising above its previous ATH of $24.46 that was recorded on Jan. 12. Hence, Binance Coin, the seventh largest cryptocurrency by market capitalization, becomes only the second asset to reach a new price peak after the crash of the speculation-driven bull market. EOS, which is sitting one spot above BNB on CMC, achieved a similar feat in May 2018.

‘Binance Coin is outpacing the overall crypto market. While Bitcoin is off 75% from its all-time-high, Binance Coin has recovered. There is fundamental growth and synergy taking place that is contributing to the rising price of Binance Coin,’ says BitBull Capital CEO Joe DiPasquale.

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Pumping other coins

On Apr. 18, Binance launched the mainnet of its custom Blockchain Binance Chain. The migration of BNB tokens from Ethereum to Binance Chain is scheduled to take place on Apr. 23. This is going to be the second largest token swap in history.

Binance, which is now completed with Ethereum, has already on-boarded some Blockchain projects, including Mithril (MITH) that experienced a 70 percent price pump after its launch on Binance Chain.

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