[2018 -7-10] Decentralized Exchange Bancor got hacked

[hv_]

12Mio in ETH stolen

https://toshitimes.com/decentralized-exchange-bancor-hacked-12-million-in-ether-stolen/

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[elenora]

Cryptocurrency Exchange Bancor Goes Offline After $23 Million Hack

Bancor is one of the decentralized cryptocurrency exchanges which deals in cryptocurrencies as well as its own Bancor tokens
for trades. Bancor has gone offline after a recent hack of $23 million in cryptocurrencies from the exchange.

About this hack, Bancor tweeted:

    "This morning (CEST) Bancor experienced a security breach. 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."

However, in a later tweet by Bancor, they expressed that this incident will be taken seriously and are committing every resource to get the things
resolved and tracking the criminals, making the exchange online again.

Read more on Bancor Goes Offline After $23 Million Hack to know what Bancor made a statement after Hack.

[Kakmakr]

Just when everyone thought Centralized exchanges was a bigger "target" for hackers, then someone hacks a Decentralized exchange.  

" Along with this, the hack stats are also disclosed by Bancor and the stolen numbers, at the press time, are
- 24,984 in Ethereum amounting to $11.9 million.
- NPXS tokens worth $1 million approx. and
- 3.2 million BNT tokens i.e. Bancor’s token, amounting to $10 million. "

Just want to highlight that no bitcoins was mentioned, because most media outlets will just report that another "Bitcoin" exchange was hacked.  

[Alkhalifi69]

how about if NPXS and BNT token make a announcement to user , they will be make new smartcontract , so they can save more fund from user.
maybe my idea is crazy but I'am how about if this my idea can be realization ?

[Schirer]

I was under impression that decentralized exchanges are more secure than centralized ones but after this it seems that it they ar e not so secure at all.
Also interesting that it seems that NPXS is popular among hackers because relatively recently there was another hack from centralized exchange where NPXS was stolen.

[1Referee]

I was under impression that decentralized exchanges are more secure than centralized ones but after this it seems that it they ar e not so secure at all.

It is less subject to theft if you take all factors and risks of centralized exchanges in consideration, but decentralized exchanges being more secure doesn't mean they are fort knox.

People complain about centralized exchanges and demand decentralized exchanges to take over, then ill minded individuals focus decentralized exchanges and people start complaining about them as well, and what comes after that? We must accept the fact that hackers are after our coins, and for that reason they will continue to up their game and find ways to steal them.

The future is atomic swaps and LN will be the pioneer in that regard. Why use an exchange when you can be your own exchange? It will take time for proper large scale deployment, but the result will be more than worthwhile. Atomic swaps (BTC><LTC) are already possible, but not recommended to toy around with for the average user.

[stompix]

Hahahah, not only was the so-called "decentralized" platform hacked but look at their reaction:

https://cointelegraph.com/news/bancor-urges-industry-players-to-collaborate-after-23-5-million-hack

“These mechanisms include a real-time blacklist that tracks offending addresses and stolen assets, as well as an emergency fund that compensates projects when thefts occur. There is plenty more to do here and we look forward to working with our peers across the industry to make everyone stronger and smarter as we move forward together. Collaboration is not just a concept, it’s a practice — and we are grateful for the support and assistance.”

So, a decentralized exchange is asking others for reak tune blocklist of addresses. 
Oh really?
They've evolved pretty fast from a decentralized exchange to a centralized one to a hacked one and not they are on their way to become a central bank.

[cryptofonia]

Just when everyone thought Centralized exchanges was a bigger "target" for hackers, then someone hacks a Decentralized exchange.  

" Along with this, the hack stats are also disclosed by Bancor and the stolen numbers, at the press time, are
- 24,984 in Ethereum amounting to $11.9 million.
- NPXS tokens worth $1 million approx. and
- 3.2 million BNT tokens i.e. Bancor’s token, amounting to $10 million. "

Just want to highlight that no bitcoins was mentioned, because most media outlets will just report that another "Bitcoin" exchange was hacked.  

So you guess that there are no Bitcoin lost? Right? How could this statement be independently confirmed?

[Mahanton]

Just when everyone thought Centralized exchanges was a bigger "target" for hackers, then someone hacks a Decentralized exchange.  

" Along with this, the hack stats are also disclosed by Bancor and the stolen numbers, at the press time, are
- 24,984 in Ethereum amounting to $11.9 million.
- NPXS tokens worth $1 million approx. and
- 3.2 million BNT tokens i.e. Bancor’s token, amounting to $10 million. "

Just want to highlight that no bitcoins was mentioned, because most media outlets will just report that another "Bitcoin" exchange was hacked.  

Somehow and expected thing that they would possibly report.We know media nowadays every exchange hack there would always be a tagging up with bitcoin but in general sense even ETH,BNT and NPXS were being stolen but most of the time those tokens or coins would be still converted to BTC (just a possibility though).
Hackers can able to target out both centralized and decentralized exchangers now. How alarming.

[IconFirm]

The "headline" is misleading of course, as usual. The only thing that got hacked were their own wallets due to their lack of basic security - no user wallets can get hacked on a decentralised exchange because "they" don't have access to the keys - the wallet owners do, that's the whole point of decentralisation. The only way a wallet can get hacked is if it is kept online & if the keys are not secured, it's basic security that the average joe user is aware of - but not Bancor exchange apparently.

A truly decentralised exchange is as safe as a truly decentralised network. 99.9% of wallet hacks are due to lapse/non-existent security.

Nothing new here.

[veleten]

The "headline" is misleading of course, as usual. The only thing that got hacked were their own wallets due to their lack of basic security - no user wallets can get hacked on a decentralised exchange because "they" don't have access to the keys - the wallet owners do, that's the whole point of decentralisation. The only way a wallet can get hacked is if it is kept online & if the keys are not secured, it's basic security that the average joe user is aware of - but not Bancor exchange apparently.

A truly decentralised exchange is as safe as a truly decentralised network. 99.9% of wallet hacks are due to lapse/non-existent security.

Nothing new here.

yes,basically the owner's wallets got hacked,not the decentralized exchange,per se
evidently no users lost their money ,since they didn't use the exchange as a middleman
now expect articles on how even decentralized exchanges are not safe from hackers 

[richardsNY]

now expect articles on how even decentralized exchanges are not safe from hackers 

Must be with how bearish the sentiment is currently. People don't want to read anything positive -- they just want Bitcoin to keep crashing all the way to the point they can afford to buy a whole coin, but that's not likely. Exchange after exchange keeps messing up this year, and I'm already waiting for the next one.... I however don't buy all these so called hacks -- having stacked hot wallets is suspicious on its own. It's way too easy to blame hackers for everything. All these exchanges had enough time to figure out a plan to not get busted. These coins will only be seized when a complete noobie somehow buys them locally and tries to trade them on whatever exchange. Poor noobs....