[11-07-2018] Bancor Struggles to Recover Lost Tokens

[bitzamp.com]

Bancor Struggles to Recover Lost Tokens, Urges Market Players to Collaborate Against Hackers
Bancor, a Swiss decentralized cryptocurrency and token generation platform, was hit with an attack earlier this week as the company lost more than $13.5 million worth of cryptocurrency to hackers.

However, Bancor is now struggling to rectify the situation, as they collaborate with other players to track the stolen funds.

One important collaborator could be Changelly, as some of the hacked funds are believed to have been converted into fiat by using the quick exchange provider Changelly.

According to Nate Hindman, head of communications at Bancor, Bancor is coordinating with several entities to produce tools and technology that will help the cryptocurrency community to react quickly and effectively when attacks occur in the future.

“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.

Read More: https://news.bitzamp.com/bancor-struggles-to-recover-lost-tokens-urges-market-players-to-collaborate-against-hackers/

[hoosen]

 I am having an account on Bancor, and I have struggled so hard to recover my access to it. They actually don't have the option forgot password, and when you lost your access to the telegram that you register with. It is really a battle to recover it. For now I have lost.

[Caesar-Giulius]

It is good to know that Bancor is trying their best to recover stolen coins. Although Bancor coins are frozen, but how about the other coins such as ETH and etc? I wonder whether Bancor will pay the stolen coins back to owners.

[hasmukh_rawal]

It is good to know that Bancor is trying their best to recover stolen coins. Although Bancor coins are frozen, but how about the other coins such as ETH and etc? I wonder whether Bancor will pay the stolen coins back to owners.

It's quite obvious that Bancor won't be able to do much now since the ETH and PundiX have been transferred to other wallets. It is really hard to do anything if once the coins are transferred out of the exchange since the control is lost over them. I had never heard of Bancor until the hack happened.
I doubt whether Bancor is even decentralized since it is able to be compromised and able to freeze the coins.

[iamreal]

It's really so sad how a whole week would gone by without hearing a hack news in the crypto space, this really discourages new people and I wish there is  a way to put a stop to this, hackers are now focus more on cryptos hacking and they keep targeting different exchanges, I just hope soon they will find a way to tighten all the loop holes in cryptos to make it even more secured.

[monineklutak]

I am having an account on Bancor, and I have struggled so hard to recover my access to it. They actually don't have the option forgot password, and when you lost your access to the telegram that you register with. It is really a battle to recover it. For now I have lost.

I think the problem is not your account but it is because the server bancor is being maintenance so better just wait until the server will recover
There was even a news saying that the bancor was hit by a hack and I hope it was the wrong news because there was a coin I just dilisted there and I intend to sell it as soon as possible

[hukes]

They are trying their level best but it’s not a easy task for them to recover lost coin. We all now bancor is frozen and we also know ethereum also. How they are doing. Hope for the best.

[Harriti]

I don't think it's easy to get all tokens hacked back. Hackers are really smart and I don't think we can take anything from them easily but they can take everything from us very easily . Bancor is one out of the best ICO project I've ever known, hope that there will be any way for Bancor to be able to get all these cryptocurrencies back asap.

[jacafbiz]

I think there is only one team to blame for all these fiasco and that is Bancor team, the team was warned not about this event last year the team said their is no problem and now hackers were able to exploit the exchange. I have said before that anything that is hack-able would be hacked it is just a matter of time. I also want to say that Bancor is never a Decentralised exchange

[kellyscott]

bancor is a blockchain which runs base on a network it's main duty is to allow the user to convert their token, on this online based thing risk is always there and it also fall a bit effect on the market but I am glad that they are try their best to slice this problem as fast as possible.

[Open4lies]

I think it's almost impossible to take all token and ETH back. If all these tokens still available on Bancor exchange without being withdrawed so I think it's possible but for now as I know that hacker has withdrawed all NPXS token successfully so is there any way for Bancor to be able to get them back?

[Octc76]

Bancor Struggles to Recover Lost Tokens, Urges Market Players to Collaborate Against Hackers
Bancor, a Swiss decentralized cryptocurrency and token generation platform, was hit with an attack earlier this week as the company lost more than $13.5 million worth of cryptocurrency to hackers.

However, Bancor is now struggling to rectify the situation, as they collaborate with other players to track the stolen funds.

One important collaborator could be Changelly, as some of the hacked funds are believed to have been converted into fiat by using the quick exchange provider Changelly.

According to Nate Hindman, head of communications at Bancor, Bancor is coordinating with several entities to produce tools and technology that will help the cryptocurrency community to react quickly and effectively when attacks occur in the future.

“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.

Read More: https://news.bitzamp.com/bancor-struggles-to-recover-lost-tokens-urges-market-players-to-collaborate-against-hackers/

That is the right move.
thieves must be found immediately and in the backlist. This could be a solution in the future if it happens the same thing.
hopefully soon resolved

[orkoso]

It is very sad really, I guess that part of the issue is creating those white hacker contest. Even the best guy that finds a bug worth millions is tempted by the dark side.

It is difficult to tell if a exchange has actually been hacked or if some of the people that actually have some management responsibility have decided to fill-up their own tanks taking advantage of the difficulty on tracing or finding evidence when these hacks happen. From a merely logical point, if these people think they will gain more by stealing, they may do so, provided that the chances to get caught are slim.

The Bancor ICO managed to raise a lot of capital (more than 150M USD) even with relatively low rakings and a ridiculous hard cap. I don´t trust it.

[goodvibes05]

It was so sad to hear such exchanger being hacked by thieves and greedy people who doesn't care about others. I just for their success to recover all those stolen tokens. I know it's not easy to recover those tokens but at least Bancor is doing their best to solve the problem after the hacking incident.

[melamiras]

It is almost impossible to recover these tokens, there are hundred ways to make them cash semi-anonymously and the hackers surely know them.

[ClarenceDo]

That's an informative post. Strict actions must be taken against these hackers. Rules must be made to prevent this type of incidence.

[Yudhisthir]

What if it's an exit strategy. What if they were not hacked but they stole both the ICO money and the coins and tokens people trusted their exchange on.
How could anyone hack and reprogram their smart contract while the hackers weren't able to do that in any other dex.
Remember only way to get something from etherdelta is phishing.

[EdwardClinton]

The possibility looks very less for it to stick around because there are other coins which may be transferred to their wallets. Once the transfer is done, the loss of control becomes greater and there seems to be a dead end for this project. So, there are still air of confusion regarding them.

[JohnHendry]

Recently Bancor was hit by hacking incident and has lost a huge amount of money. It is good that Bancor is trying their best to recover the lost fund, as this would put a positive impact on their brand image. Yet the security of the crypto currency sites should upgrade to avoid further problems

[TommyJr]

The Bancor is a Swiss crypto currency and token generation platform. Few days ago the Bancor was hacked and they lost a very big amount if their crypto currency.