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The security breach caused a fall from up to 15% in the quote of this cryptocurrency, according to CoinMarketCap. Bancor occupies position number 74 by capitalization and, at the time of examination, its price is $ 2.73
Earlier Warning
This is not the first time that Bancor is involved in an episode like this. . In October 2017, three software engineers demonstrated that Bancor could suffer head-on attacks to generate profits. The experts pointed out the vulnerabilities of the platform claiming that any user is able to make advantageous investments, not only miners or clients of the node.
The authors of the test were Ivan Bogatyy, Haseeb Qureshi and Preethi Kasireddy who were part of Google Research, Airbnb and Coinbase respectively. Even the engineers managed to get about $ 150 worth of profits that were then returned at the end of the test
Bogatyy explained at that time that all that was needed was "about 150 Python lines to get an algorithm". "Frontal execution". In the world of finance, running is an illegal practice that is performed by middlemen, who seek to make high profits. To achieve their goal, they use confidential information about the future operations of their customers.
Similarly, in the months preceding this study, Emin Gün Sirer and Phil Daian were the first to criticize Bancor's vulnerabilities. in turn by the administrators of the platform.
Featured image for Leo Lintang / stock.adobe.com
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