Hackers Steal $13.5 Million in Cryptocurrency From Israeli Based Bancor Exchange

Discussion in '[H]ard|OCP Front Page News' started by cageymaru, Jul 11, 2018.

  1. cageymaru

    cageymaru [H]ard|News

    Messages:
    17,963
    Joined:
    Apr 10, 2003
    Israeli based Bancor exchange was the site of a breach in which $23.5 million was initially stolen from its customer's cryptocurrency wallets. $12.5 million in Ethereum, $1 million in Pundi, and another $10 million in Bancor tokens was stolen when a wallet used to upgrade smart contracts was compromised. Bancor was immediately able to stop the transfer of Bancor tokens so that saved them $10 million in potential losses. They hope to work with other exchanges to stop the trading of the remaining $13.5 million in cryptocurrency. I wonder how affected customer view those smart contracts now?

    "With Bancor exchange, every transaction is executed directly against a smart contract. This means that converting a cryptocurrency does not require matching two parties in real-time with opposite wants; rather, it can be completed by a single party directly through the token’s smart contract." reads the company.

    "It is not possible to freeze the ETH and any other stolen tokens," reads the statement published by Bancor. "However, we are working together with dozens of cryptocurrency exchanges to trace the stolen funds and make it more difficult for their thief to liquidate them."
     
  2. Master_shake_

    Master_shake_ Little Bitch

    Messages:
    6,594
    Joined:
    Apr 9, 2012
  3. GSDragoon

    GSDragoon n00bie

    Messages:
    54
    Joined:
    Feb 24, 2004
    [ProblemWithCryptoGood.jpg]
     
    Master_shake_ and Krenum like this.
  4. PenGunn

    PenGunn [H]Lite

    Messages:
    101
    Joined:
    May 30, 2013
    First rule. You need your own wallet.
     
  5. Kor

    Kor 2[H]4U

    Messages:
    2,059
    Joined:
    Mar 31, 2010
    I know right? Don't leave your shit in exchanges people.
     
    Gamerdad, tunatime and Spidey329 like this.
  6. Darkswordz

    Darkswordz Limp Gawd

    Messages:
    453
    Joined:
    Jan 5, 2016
    How do you stop the resale of cryptocurrency once it's been stolen?
     
  7. Spidey329

    Spidey329 [H]ardForum Junkie

    Messages:
    8,657
    Joined:
    Dec 15, 2003
    Side note, there's a .network now? The hell do we need that for. Wasn't .net for network?

    Are we going to get .organization and .commercial now too?
     
  8. gxp500

    gxp500 Gawd

    Messages:
    674
    Joined:
    Mar 4, 2015
    The same way you stop the usage of cash once it leaves your hands... you can't.
     
    katanaD and tunatime like this.
  9. Kdawg

    Kdawg Gawd

    Messages:
    776
    Joined:
    Aug 12, 2017
    where can you use poondi and bancor coins?

    All these shit coins
     
  10. Twisted Kidney

    Twisted Kidney 2[H]4U

    Messages:
    2,928
    Joined:
    Mar 18, 2013
    I'm sure there was deposit insurance, right?

    ......
     
  11. pendragon1

    pendragon1 [H]ardForum Junkie

    Messages:
    10,087
    Joined:
    Oct 7, 2000
  12. Krenum

    Krenum [H]ardForum Junkie

    Messages:
    13,318
    Joined:
    Apr 29, 2005
    Which is why I buy my coins from

    Rosland_Capital_spokesman_William_Devane_with_competitive_prices_language_on_photo..jpg
     
    GoldenTiger and Mchart like this.
  13. Mode13

    Mode13 [H]Lite

    Messages:
    85
    Joined:
    Jun 11, 2018
    Krenum is that the guy from the movie Rolling Thunder? Looks just like him albeit old :p
     
  14. Krenum

    Krenum [H]ardForum Junkie

    Messages:
    13,318
    Joined:
    Apr 29, 2005
    Yep! That's William Devane
     
    Mode13 likes this.
  15. Darkswordz

    Darkswordz Limp Gawd

    Messages:
    453
    Joined:
    Jan 5, 2016
  16. velusip

    velusip [H]ard|Gawd

    Messages:
    1,312
    Joined:
    Jan 24, 2005
    Press f for the guy running security at the cryptocurrency exchange.
     
  17. Nebell

    Nebell [H]ard|Gawd

    Messages:
    1,220
    Joined:
    Jul 20, 2015
    It won't because no customer wallets were affected. Maybe read the article you're linking to? :rolleyes:
     
  18. MickeyBailey

    MickeyBailey [H]Lite

    Messages:
    74
    Joined:
    Jun 5, 2018

    Difficult to get users for a crypto currency if they’re constantly the target of theft and fraud, even if “customers” are unaffected.
     
  19. DeathFromBelow

    DeathFromBelow [H]ardForum Junkie

    Messages:
    9,806
    Joined:
    Jul 15, 2005
    Funny how whenever the price tanks and the new investor money stops rolling in the exchanges suddenly discover that a bunch of money/shitcoin was 'stolen.'

    Almost makes you think it's all a big scam...
     
  20. BSmith

    BSmith Gawd

    Messages:
    968
    Joined:
    Nov 9, 2017
  21. Nukester

    Nukester [H]ard|Gawd

    Messages:
    1,198
    Joined:
    Mar 21, 2016
    Yeah! Less money to go towards video cards..... Win Win.
     
  22. Patton187

    Patton187 Limp Gawd

    Messages:
    350
    Joined:
    Feb 12, 2012
    Could you elaborate? I dont follow.
     
  23. meltdowner

    meltdowner n00bie

    Messages:
    47
    Joined:
    Jun 20, 2018
    reddit.reddit