[ANN] Bancor | Protocol for Smart-tokens, solving the liquidity problem

[JanuaryN]

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.

Bancor has mentioned that user wallets were not compromised. Remember, only you have access to your wallet. Bancor doesn't not store your password or key.

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[ruletheworld]

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

The reality is, this is a textbook case of not following good security practices. This was pointed out to the team more than a year ago. The team did not take that seriously. Now they got hacked similar to what was predicted by security experts. I don't see where in the process the team has demonstrated that they take security seriously.

[Vyachel]

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

The reality is, this is a textbook case of not following good security practices. This was pointed out to the team more than a year ago. The team did not take that seriously. Now they got hacked similar to what was predicted by security experts. I don't see where in the process the team has demonstrated that they take security seriously.

I do not understand the team's position on security and marketing. They are completely ignoring these two important areas.

[memii]

They have hard lesson from this incident and will be paying more attention by spending resources on security than just more and more features ahead. That has happened and can't be turned back so past's mistakes open door towards new opportunities and we should look at future. They are doing every possible thing to normalize the situation as this is reputation's matter. Bancor has lot of good things for that they deserve support to overcome the difficult moments.

[Vitamin_52]

 Bancor Network is back online. Will gradually be adding tokens back to the network beginning with the BNT / ETH converter. https://ban.cr/online

https://twitter.com/Bancor/status/1017147170330480641

[voteformeg]

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?

i think that is difficult , we never know when something is for sure , that is why crypto is just started , we are going to need a lot of time and development before crypto is fully secure

too bad we know it wasn't sure enough when it is too late

[DashingCrypto]

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

The reality is, this is a textbook case of not following good security practices. This was pointed out to the team more than a year ago. The team did not take that seriously. Now they got hacked similar to what was predicted by security experts. I don't see where in the process the team has demonstrated that they take security seriously.

I do not understand the team's position on security and marketing. They are completely ignoring these two important areas.

The team is working very hard to ensure that this kind of attack doesn't happen again. Please stay tuned to the Telegram Group and the Bancor Blog for more updates!

[Pikachu12]

They have hard lesson from this incident and will be paying more attention by spending resources on security than just more and more features ahead. That has happened and can't be turned back so past's mistakes open door towards new opportunities and we should look at future. They are doing every possible thing to normalize the situation as this is reputation's matter. Bancor has lot of good things for that they deserve support to overcome the difficult moments.

They have more security solutions and I'm sure it will not happen a second time. Right now the price has dropped a lot and everyone should invest now because Bancor is my favorite project and I usually earn good profits from trading. If you are considering a good investment then I advise people to choose Bancor

[ruletheworld]

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

The reality is, this is a textbook case of not following good security practices. This was pointed out to the team more than a year ago. The team did not take that seriously. Now they got hacked similar to what was predicted by security experts. I don't see where in the process the team has demonstrated that they take security seriously.

I do not understand the team's position on security and marketing. They are completely ignoring these two important areas.

The team is working very hard to ensure that this kind of attack doesn't happen again. Please stay tuned to the Telegram Group and the Bancor Blog for more updates!

What's the reason for not "working very hard" a year ago to plug this security loophole that was very clearly pointed out to the team at that point that the team deliberately chose to ignore?

The blog hasn't been updated since Jun 21, is this a joke asking to follow the blog for updates?

[shewasfourteen]

 Bancor Network is back online.  Adding tokens back to the network beginning with the BNT / ETH converter.

https://ban.cr/online

[Mallyx]

So they froze the tokens ? That's not really a decentralized then;
and I couldn't find any mention of that on the whitepaper (or maybe I was too fast reading?): https://storage.googleapis.com/website-bancor/2018/04/01ba8253-bancor_protocol_whitepaper_en.pdf

It's weird to me.

[JanuaryN]

So they froze the tokens ? That's not really a decentralized then;
and I couldn't find any mention of that on the whitepaper (or maybe I was too fast reading?): https://storage.googleapis.com/website-bancor/2018/04/01ba8253-bancor_protocol_whitepaper_en.pdf

It's weird to me.

Here's what the team stated about freezing the BNT:

Once the theft was identified, 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.

[estenity]

So they froze the tokens ? That's not really a decentralized then;
and I couldn't find any mention of that on the whitepaper (or maybe I was too fast reading?): https://storage.googleapis.com/website-bancor/2018/04/01ba8253-bancor_protocol_whitepaper_en.pdf

It's weird to me.

Here's what the team stated about freezing the BNT:

Once the theft was identified, 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.

so the protocol was able to do the freezing.

[boopy265420]

I think their point of view is understandable by security's angle that they kept the freezing option to handle emergency's situation. This makes the Bancor's token semi-decentralized but we are still in early stages so it is acceptable. This is still better than fully centralized exchanges which can freeze your whole assets. The platform is coming back easy buy easy this is good news.

[Sexy_Sees]

So, the whole issue with the hack of funds has been resolved? Was quite big news everywhere in the cryptospace. Almost all videos I watched on Youtube this week about crypto covered it..

[easyrimka]

finally the guy was right, bancor is flawed...

[Tarasov1992]

So they froze the tokens ? That's not really a decentralized then;
and I couldn't find any mention of that on the whitepaper (or maybe I was too fast reading?): https://storage.googleapis.com/website-bancor/2018/04/01ba8253-bancor_protocol_whitepaper_en.pdf

It's weird to me.

Here's what the team stated about freezing the BNT:

Once the theft was identified, 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.

so the protocol was able to do the freezing.

Indeed, it was done through the Smart-Contract without accessing anyone's wallet.

[Tarasov1992]

I think their point of view is understandable by security's angle that they kept the freezing option to handle emergency's situation. This makes the Bancor's token semi-decentralized but we are still in early stages so it is acceptable. This is still better than fully centralized exchanges which can freeze your whole assets. The platform is coming back easy buy easy this is good news.

Better safe than sorry, right, Boopy?  The platform is back and the team embraced the situation as something to improve on.

[Tarasov1992]

So, the whole issue with the hack of funds has been resolved? Was quite big news everywhere in the cryptospace. Almost all videos I watched on Youtube this week about crypto covered it..

Hello, the platform is back in action. Here's the latest update: https://twitter.com/Bancor/status/1017012630639259654

[Tarasov1992]

finally the guy was right, bancor is flawed...

Security breaches may happen to any platform out there.

Team and company will emerge stronger, and not to mention Bancor has earned a lot of "free press" from the ordeal. A difficult incident no doubt, but not a critical blow. Thankfully Bancor actually has more than enough funds to continue its operations. The team also recovered half of the funds that were stolen by the thief, and may still recover the remaining funds at large.