MENU × BUSINESS
Banking And InsuranceCryptocurrencyDigital MarketingErpFood And BeveragesHealthcareLegalMarketing And AdvertisingMedia And EntertainmentMetals And MiningOil And GasRetailTelecom
TECHNOLOGY
Artificial IntelligenceBig DataCloudCyber SecurityE CommerceEducationGaming And VfxIT ServiceMobileNetworkingSAPScience And TechnologySecuritySoftwareStorage
PLATFORM
CiscoDatabaseGoogleIBMJuniperM2MMicrosoftOracleOracleRed Hat
LEADERSHIP
CEO ReviewCompany Review
MAGAZINE
ASIA INDIA
STARTUPS CLIENT SPEAK CONTACT US

The Silicon Review Asia

Breach: Cryptocurrency Platform Bancor Hacked, $23.5 Millions of Worth Stolen

Breach: Cryptocurrency Platform Bancor Hacked, $23.5 Millions of Worth Stolen

Bancor, an Israeli-based platform, which deals with cryptocurrencies and its own Bancor tokens for trades, was reportedly hacked on Monday. Post incident, the platform’s website was temporally shut down as the hacker managed to breach the online security and stole about $23.5 millions of worth.

“We will be working together with dozens of cryptocurrency exchanges to trace the stolen funds and make it more difficult for the thief to liquidate them,” said a Bancor official.

According to a report, the hacker stole 24,984 in Ethereum worth $11.9 million, 229.3 million NPXS tokens worth $ 1 million, 3.2 million BNT tokens and its own token worth 10 million at the time of the breach.

Since BNT tokens are embedded with technology that can freeze funds, few amounts of it were saved. The freezing system is utilized in extreme situations where the company manages to stop any theft from stealing tokens and hence, to recover from the breach.

 The company stated that it raised $153 million by itself in its ICO in January 2017 and this incident cannot be considered as a scam because the founders wouldn’t have stuck around for 18 months and they would have stolen much larger sums of cryptocurrency.

 

YOU MAY ALSO LIKE

Salesforce Expands into Thailand, Opens Office in Bangkok

Salesforce has announced permanent presence in Thailand by launching its new office in the country’s capital, Bangkok. The permanent presence wi...

GMLL is expected to soon add two more stores to its retail arm ‘Price Mantra’

Garment Mantra Lifestyle, a popular name in the Indian fashion retail segment, recently made an announcement that the company is expanding its retail ...

Tariff plans will cost higher from the next financial year as telecom companies are gearing up to increase rates

The ongoing Covid pandemic had significantly increased the number of mobile and internet users worldwide. The high amount of usage is expected to drop...

Business Travelers to Stay at Singapore’s Changi Airport Bubble

Singapore’s open economy depends heavily on tourism and business. But its vibrant but small economy has been hurting as the circumstances due to...

RECOMMENDED