Token creation platform Bancor has gone offline following a "security breach" that took place Monday morning that saw the platform lose millions of dollars worth of cryptocurrency.
Bancor posted on Twitter that it took its platform offline following the security incident, stating that "no user wallets were compromised."
"To complete the investigation, we have moved to maintenance and will be releasing a more detailed report shortly. We look forward to being back online as soon as possible." A spokesperson for Bancor confirmed the incident when reached by email.
Nate Hindman, Bancor's head of communications, told CoinDesk that while the team had been able to block the transfer of an estimated 2.5 million BNT tokens – worth an additional $10 million – it wasn't able to do so for approximately 25,000 ETH – worth about $12.5 million – as well as almost 230 million NPXS tokens (worth roughly $1 million total).
All told, the company lost roughly $13.5 million in the hack, according to a follow-up statement.
"We were able to freeze the stolen BNT, limiting the damage to the Bancor ecosystem from the theft. The ability to freeze tokens was built into the Bancor Protocol 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,"
Muyao Shen 📝
#Kraken Mocks #Coinbase , Sarcastically Claims it is Listing 1,600 #Cryptocurrencies#Major#crypto#exchange Kraken recently released a sarcastic statement in response to the unforeseen decision of Coinbase to list five new digital currencies.
on July 14, Coinbase, the world’s largest crypto exchange and brokerage, announced its finalized plan to integrate #Cardano (ADA), Basic Attention #Token (BAT), Stellar Lumens (XLM), Zcash (ZEC), and 0x (ZRX). While Coinbase emphasized that the company has not received the approval from regulators including the US Securities and Exchange Commission (SEC), it explained that the announcement was released to publicly express the company’s intent towards integrating the five digital assets.
“Unlike #EthereumClassic , which is technically similar to Ethereum, these assets require additional work that necessitates contact with many external parties. To ensure that this news comes to you directly from us, we are publicly announcing our intentions. Please note that we are not guaranteeing the listing of any of these assets. We may list them with partial support, or only in specific jurisdictions. In particular, some assets may become available in other countries before the #US .” Humorous Response by Kraken
In a sarcastic statement aimed at Coinbase, Kraken claimed on July 14 that it has been contemplating to add 1,600 new coins on its platform, including all of the digital assets listed on #CoinMarketCap . “Exciting and important revelation for the community today. Kraken has been contemplating the exploration of maybe adding over 1600 new coins, pending the outcome of our highly sophisticated review process. For a glimpse of the possibilities [visit CoinMarketCap].” Most investors and users in the global cryptocurrency market reacted positively to the forward-thinking approach of Coinbase to list five additional digital assets, two of which (0x and BAT) conducted an initial coin offering (ICO) in 2017.