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Crypto exchange Bancor is hacked

Bancor, a decentralized exchange, said in a statement that a vulnerability was exploited to steal 24,984 ETH (approx $12 million), $1 million worth of NPXS and $10 million worth of BNT.

Earlier today, Bancor stated in Twitter that it has identified a security breach and will investigate into the issue. It assured that no user wallets were compromised and they would release a more detailed report shortly.

The hack occurred at approximately 00:00 UTC when a wallet used to upgrade some smart contracts was compromised. The wallet has withdrawn ethereum and ERC-20 tokens NPXS and BNT.

The stolen BNT has since been frozen using a mechanism built into the Bancor Protocol. According to Bancor this was built in to “be used in an extreme situation to recover from a security breach, allowing Bancor to effectively stop the thief from running away with the stolen tokens”

However, the stolen ETH and other tokens are still compromised. Bancor is now working together with cryptocurrency exchanges to trace the stolen funds and make it more difficult for the thief to liquidate them.

The exchange said it would continue to post updates on any further developments on their Telegram channel and on Twitter. Konstantin Gladych, CEO of Changelly, stated that parts of the stolen funds have been exchanged via Changelly.

According to CoinMarketCap, Bancor token (BNT) is trading at $2,56 (-14,48% in a 24-hour period) at press time.