Decentralized cryptocurrency exchange Bancor has resumed its trading activities and immediately launched a new initiative to combat cybercrime threats.
She reported this on the official blog, having resumed work after a hack with damage of more than $12 million.
About 25,000 Ethereum (ETH) worth $12.5 million were stolen from the Bancor exchange About 25,000 Ethereum (ETH) worth $12.5 million, 300 000 Pundi X (NPXS) worth over a thousand dollars, as well as BTN, the exchange's native tokens. The exchange tokens were frozen and are now being tracked down along with other exchanges to determine the whereabouts of the remaining stolen tokens.
Following the hack, Bancor released a number of statements aimed at clarifying its actions, including its ability to control BNT tokens.
Bancor emphasizes that user funds were not compromised and their wallets were not affected. The funds were stolen from the BNT connector balance, which contains various ERC 20-based assets in smart contracts that serve as a reserve.
Bancor also defended its decision to freeze BNT tokes as “necessary to protect the network and token holders in a state of emergency.” In addition, co-founder Guy Benartzi believes that it was the tools for analyzing and identifying suspicious activity that helped Bancor timely block the withdrawal of its own coins of the BNT exchange in the amount of about 10 million and later track the stolen funds. Summarizing the platform's future plans, Benartzi said that he plans to open access to these tools to a wider audience. Moreover, Benartzi is not embarrassed that hackers managed to bypass the protection and withdraw clients’ cryptocurrency.
Bancor proposes to create a coalition of crypto defenders, uniting people and organizations that can provide resources and capabilities to combat hacker attacks. According to Benartzi's idea, such an organization would unite participants in the cryptocurrency market to create mechanisms to prevent hacking, provide possible assistance in the event of cyber attacks, and possibly create common blacklists. So far, nothing concrete is known about the specific structure, participants and sources of financing of the future coalition.
According to the co-founder, these are the first steps towards the fight against cybercrime. In the future, it is possible to unite the entire cyber industry to create a mechanism for combating and monitoring this type of hacking.
According to blog.bancor.network
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