Bancor interrupts its operations after more than 12 million dollars

Bancor, a Swiss stock exchange that provides an automatic conversion mechanism for blockchain tokens, was closed Monday morning due to a "security breach". Prior to the announcement of the attack, Bancor stated that its web application was suspended while it was undergoing unforeseen maintenance.

The company said it was currently investigating the nature of the incident but confirmed that the attack had only impacted on transactions and accounts badociates.

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They also confirmed the attack on Twitter and said it would take several hours before the service is completely restored.

In a statement, the Bancor notes:

This morning (CEST), Bancor was the victim of a breach of security. No user wallet has been compromised. To complete the survey, we have moved to maintenance and will issue a more detailed report shortly. We are looking forward to being back online as soon as possible.

The exact scale of the problem does not increase. is not yet defined, but sources said Cointelegraph that hackers stole more than $ 12 million from several virtual currencies, including the native token of Bancor BNT. Interestingly, Bancor launched a challenge to users earlier in January to find bugs and errors in the security of its portfolio before the launch of Bancor Wallet.

Bancor operates as an open-source protocol for automated token conversions, and had raised about $ 153 million in ICO last year

Bancor Protocol is a standard for the creation of Smart Tokens, which refers to crypto badets with convertibility integrated directly through their smart contracts. Bancor Network automatically converts any integrated token into another token, directly from any Web3 wallet.

Earlier in March, Finance Magnates spoke to Galia Benartzi, co-founder of Bancor, about creating a token system. survive have the opportunity to flourish.