Crypto Startup Bancor Gets Hacked, Loses $13.5 Million
Cryptocurrency startup Bancor revealed this week that it had been hit by a cyberattack where the criminals attempted to steal $23.5 million in cryptocurrency.
The cyber criminals had apparently compromised a wallet used to “upgrade” smart contracts which was then used to withdraw $12.5 million in Ethereum (ETH), $1 million in Pundi X (NPXS) and $10 million in Bancor Network Tokens (BNT).
Bancor said that they were able to stop all the funds from being drained by freezing the transfer of BNT. However, the company said it was not possible to stop the other cryptocurrencies from being transferred.
The company said that it is working with a number of exchanges to prevent the criminals from liquidating the stolen cryptocurrencies.