BancorAmbassador
Jr. Member
 Offline
Activity: 242
Merit: 2
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July 10, 2018, 08:52:34 AM |
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These people should be brought in front of justice and exchanges can do it very well by collaborating with one another. That is good part of hearing loss in BNT has been recovered by freezing the tokens. Bancor team has taken bold decision by putting the actual situation in front of people instead of hiding the incident and this is great thing.
Thank you for highlighting. This is a message worth sharing with anyone who may be questioning Bancor's capability and professionalism in the wake of the security breach. |
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Each block is stacked on top of the previous one. Adding another block to the top makes all lower blocks more difficult to remove: there is more "weight" above each block. A transaction in a block 6 blocks deep (6 confirmations) will be very difficult to remove.
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BtcMan2009
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July 10, 2018, 11:10:52 AM |
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This is perhaps the hottest topic and the most discussed in the community. I think any failure should be considered as an opportunity to improve the project.
In addition, many have the opportunity to buy coins while the price falls.
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Tarasov1992
Jr. Member
Offline
Activity: 266
Merit: 1
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July 10, 2018, 12:37:54 PM |
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This is perhaps the hottest topic and the most discussed in the community. I think any failure should be considered as an opportunity to improve the project.
In addition, many have the opportunity to buy coins while the price falls.
Appreciate your supportive stance, BtcMan  |
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Ano
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July 10, 2018, 12:44:42 PM |
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This is perhaps the hottest topic and the most discussed in the community. I think any failure should be considered as an opportunity to improve the project.
In addition, many have the opportunity to buy coins while the price falls.
Exactly the team have to take it more serious if there was an hole into security system of this network. I also believe they will improve this platform and in future this will be more secure and now there is opportunity for all strong believers to buy at cheap price. |
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nguyen linh
Member
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Activity: 252
Merit: 11
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July 10, 2018, 04:14:47 PM |
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I have another problem. When I issue a number of property tokens for a new project and would like to join them to the main aggregated token when actual construction is completed it looks like M&A process for two companies. Therefore I need to decrease CCR to provide the same price.
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ruletheworld
Legendary
Offline
Activity: 1386
Merit: 1045
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July 10, 2018, 04:17:17 PM |
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This is perhaps the hottest topic and the most discussed in the community. I think any failure should be considered as an opportunity to improve the project.
In addition, many have the opportunity to buy coins while the price falls.
That is a naive position to take, unless the team actually delivers on the decentralized part. How many times do they need to be reminded that third-parties are security loopholes? Does the team still think having a 'master key' is the right approach? Where is the public statement admitting they were wrong, apologizing, and updating their contracts so that such incidents cannot happen in the future? This is not about supporting the project or not. This is about doing the right thing. Clearly the Bancor team isn't doing that, unless I missed an announcement somewhere. This hack would not be possible if the team took Security 101 precautions in their smart contracts and not have the ability for a single address to change literally everything. What's the post mortem for how the keys were compromised? |
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rus7l
Member
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Activity: 181
Merit: 10
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July 10, 2018, 04:44:49 PM |
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It is noteworthy that the project team was able to freeze the output of 3.2 million BNT ($ 10 million), since the platform protocol provides a quick response to possible threats in order to minimize damage to the community. However, the output of ETH and NPXS still took place.
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obsbtc
Member
Offline
Activity: 1330
Merit: 10
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July 10, 2018, 06:50:42 PM |
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I have another problem. When I issue a number of property tokens for a new project and would like to join them to the main aggregated token when actual construction is completed it looks like M&A process for two companies. Therefore I need to decrease CCR to provide the same price.
Not sure I understood your concern, anything you'd like to see clarified on Bancor's pricing algorithm? That is a naive position to take, unless the team actually delivers on the decentralized part. How many times do they need to be reminded that third-parties are security loopholes? Does the team still think having a 'master key' is the right approach? Where is the public statement admitting they were wrong, apologizing, and updating their contracts so that such incidents cannot happen in the future?
This is not about supporting the project or not. This is about doing the right thing. Clearly the Bancor team isn't doing that, unless I missed an announcement somewhere. This hack would not be possible if the team took Security 101 precautions in their smart contracts and not have the ability for a single address to change literally everything.
What's the post mortem for how the keys were compromised?
We can assure you that the Team does take security seriously and that they're actively looking regarding what has happened. Soon enough, once there's more information, you'll hear further. |
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lirene
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July 11, 2018, 03:21:17 AM |
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after the events that happened with the bankor, my world collapsed. And it happened with a project that was so serious about security and was constantly looking for vulnerabilities in its platform. How now to be in something sure?
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TheRedCanary
Member
Offline
Activity: 390
Merit: 11
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July 11, 2018, 04:34:28 AM |
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after the events that happened with the bankor, my world collapsed. And it happened with a project that was so serious about security and was constantly looking for vulnerabilities in its platform. How now to be in something sure?
Hi there, the team will continue to work on improving the system, and security. Keep in mind, all user wallets are safe. You can still access your tokens if you need help let us know. |
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nuzzo
Copper Member
Newbie
Offline
Activity: 238
Merit: 0
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July 11, 2018, 04:53:46 AM |
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We’re thrilled to announce our biggest product release to date, Bancor’s native #wallet! Users no longer need to rely on exchanges to buy and sell #tokens! https://twitter.com/Bancor/status/981240645384916993 |
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ruletheworld
Legendary
Offline
Activity: 1386
Merit: 1045
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July 11, 2018, 04:55:17 AM |
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I have another problem. When I issue a number of property tokens for a new project and would like to join them to the main aggregated token when actual construction is completed it looks like M&A process for two companies. Therefore I need to decrease CCR to provide the same price.
Not sure I understood your concern, anything you'd like to see clarified on Bancor's pricing algorithm? That is a naive position to take, unless the team actually delivers on the decentralized part. How many times do they need to be reminded that third-parties are security loopholes? Does the team still think having a 'master key' is the right approach? Where is the public statement admitting they were wrong, apologizing, and updating their contracts so that such incidents cannot happen in the future?
This is not about supporting the project or not. This is about doing the right thing. Clearly the Bancor team isn't doing that, unless I missed an announcement somewhere. This hack would not be possible if the team took Security 101 precautions in their smart contracts and not have the ability for a single address to change literally everything.
What's the post mortem for how the keys were compromised?
We can assure you that the Team does take security seriously and that they're actively looking regarding what has happened. Soon enough, once there's more information, you'll hear further. How do you know that the Team takes security seriously? This flaw was pointed out by Emin Gur Sirer before Bancor launch, and the Team never bothered to change the design. Why was that? |
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estenity
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July 11, 2018, 06:30:36 AM
Last edit: July 11, 2018, 06:56:47 PM by estenity |
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How do you know that the Team takes security seriously? This flaw was pointed out by Emin Gur Sirer before Bancor launch, and the Team never bothered to change the design. Why was that?
is this the reference to which you make allusion? hackingdistributed.com/2017/06/19/bancor-is-flawed/ |
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JanuaryN
Jr. Member
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Activity: 364
Merit: 2
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July 11, 2018, 07:22:08 AM |
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How do you know that the Team takes security seriously? This flaw was pointed out by Emin Gur Sirer before Bancor launch, and the Team never bothered to change the design. Why was that?
is this the reference to whhich you make allusion? hackingdistributed.com/2017/06/19/bancor-is-flawed/ That does seem to be the reference. Let me include Bancor's response so that we have a wider perspective: https://blog.bancor.network/this-analysis-of-bancor-is-flawed-18ab8a000d43 |
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magisterr
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July 11, 2018, 07:32:09 AM |
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How they going to back funds for their users? Or they are not going? If they will not back funds, they can lost reputation.  |
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LuckyBtc
Legendary
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Activity: 1288
Merit: 1011
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July 11, 2018, 07:51:05 AM |
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How they going to back funds for their users? Or they are not going? If they will not back funds, they can lost reputation. Users funds are not affected, We keep our tokens/ETH in our own wallet right? Liquidity contract wherein funds are kept for an exchange was hacked. |
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identifyuser
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July 11, 2018, 08:10:47 AM |
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How they going to back funds for their users? Or they are not going? If they will not back funds, they can lost reputation. I think decentralised exchanges like Bancor must take more attention to their level of security. Nowadays level is absolutely not enough. |
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jtalk
Legendary
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Activity: 1610
Merit: 1004
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July 11, 2018, 08:23:43 AM |
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There shouldn't be any compromise on security I remember few days ago someone brought last year's article in which security concerns were raised. When you are exchange service's provider and lot of other tokens are relaying on your security measures extra steps must be taken. This isn't first hack and will not be last but cautious attitude always in the priority things.
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