Bancor Struggles to Recover Lost Tokens, Urges Market Players to Collaborate Against Hackers

Bancor Struggles to Recover Lost Tokens, Urges Market Players to Collaborate Against Hackers

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July 11, 2018 by Jane
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Bancor, a Swiss decentralized cryptocurrency and token generation platform, was hit with an attack earlier this week as the company lost more than $13.5 million worth of cryptocurrency to hackers. However, Bancor is now struggling to rectify the situation, as they collaborate with other players to track the stolen funds. One important collaborator could be
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Bancor, a Swiss decentralized cryptocurrency and token generation platform, was hit with an attack earlier this week as the company lost more than $13.5 million worth of cryptocurrency to hackers.

However, Bancor is now struggling to rectify the situation, as they collaborate with other players to track the stolen funds.

One important collaborator could be Changelly, as some of the hacked funds are believed to have been converted into fiat by using the quick exchange provider Changelly.

According to Nate Hindman, head of communications at Bancor, Bancor is coordinating with several entities to produce tools and technology that will help the cryptocurrency community to react quickly and effectively when attacks occur in the future.

“These mechanisms include a real-time blacklist that tracks offending addresses and stolen assets, as well as an emergency fund that compensates projects when thefts occur. There is plenty more to do here and we look forward to working with our peers across the industry to make everyone stronger and smarter as we move forward together. Collaboration is not just a concept, it’s a practice — and we are grateful for the support and assistance.”

Bancor hopes to keep track of the stolen resources, part of which has been exchanged by using the instant conversion support Changelly, CEO Konstantin Gladych said:

“Afterwards, the tokens have been frozen by the Bancor basis in our contract. Now we are serving to observe the stolen cash.”

Bancor is a decentralized exchange launched in June 2017. Bancor integrates its individual self-titled token (BNT), which can be traded for any of the other tokens supported by the network, and vice versa.

 

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