New $12 Mln. Ether Hack Leaves Decentralized Exchange In Vain

One decentralized exchange named Bancor recently stated that hackers exploited one of its vulnerabilities, stealing 24,984 ETH ( million) as well as million worth of NPXS and million worth of BNT.
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The news comes from a tweet earlier today, in which Bancor stated that there was a security breach, announcing that they will investigate into the issue. No user wallets have been compromised during the hack – and a more detailed report is on the way.

This morning (CEST) Bancor experienced a security breach. No user wallets were compromised. To complete the investigation, we have moved to maintenance and will be releasing a more detailed report shortly. We look forward to being back online as soon as possible.

— Bancor (@Bancor) July 9, 2018

Occurring at approximately midnight, the hack started with a wallet that used to upgrade some smart contracts. The wallet has withdrawn Ethereum and ERC-20 tokens NPXS and BNT. The stolen BNT has since been frozen with a mechanism built into the Bancor Protocol. As Bancor revealed, this mechanism was built in to “be used in extreme situations to recover from security breaches like these, allowing Bancor to stop the thief from running away with the stolen tokens”.

Still, the stolen ETH and other tokens are compromised and the wallet which contains them can be viewed here. According to the exchange, everyone is now “working together with dozens of cryptocurrency exchanges to trace the stolen funds and make it more difficult for the thief to liquidate them”.

Meanwhile, Bancor is known for raising $153 million in July 2017 in a couple of hours – becoming one of the largest ICOs. The company stated that they will continue to post updates about any further developments following the hack.