Bancor Crypto Trading Platform Recovers After A Recent “Security Breach”

The decentralized Bancor crypto trading platform, which faced a “security breach” on July 9th, has informed Cointelegraph that it hopes to be back online in 24 hours.

Bancor shut down trading on Monday due to an inquiry into a “security breach” that involved over $12 million. The platform acknowledged the breach on its Twitter account, claiming that “no user wallets were compromised.” The cyber attackers traded the tokens via the Changelly exchange service. Sources acquainted with the matter have told Cointelegraph that the stolen tokens included the original Bancor BNT token, an estimated 25,000 Ethereum (ETH) ($12.2 million) and 300,000 Pundi X (NPXS) ($1,200).

Even though an official announcement on the breach will be issued after the inquiry ends, Bancor’s head of communications, Nate Hindman, told Cointelegraph that the crypto trading platform would be back online in 24 hours. As Hindman says, Bancor is working with multiple players in the crypto-verse to build the appropriate instruments and technologies to aid the cryptocurrency companies to collaborate more efficiently when cyber attacks and thefts occur.

Nate Hindman from Bancor crypto trading platform thinks centralized crypto platforms have their place in this industry

“These mechanisms include a real-time blacklist that tracks the addresses of criminals and stolen assets, as well as an emergency fund that compensates projects when theft occurs. There is much more to do here, and we look forward to working with our colleagues across the industry to make everyone stronger and smarter as we move forward together,” stated Nate Hindman.

Also, Hindman likened the crypto trading platform’s security to a game of cat and mouse and admitted that thieves are getting more advanced and refined following the uptrend of the crypto-verse regarding technologies.

“We stand firm in our efforts to create better tools to prevent thieves from committing crimes and using stolen funds, and better processes to analyze situations and inform users and relevant parties when they occur,” Nate Hindman added.

On the other hand, Nate Hindman adopted a stance in opposition to Vitalik Buterin who said that he hopes centralized crypto platforms to “burn in Hell.” According to Bancor crypto trading platform’s chief of communications, Hindman, there is a place for both centralized and decentralized systems in the cryptocurrencies market.

Jackson Bey

Jackson Bey was born and raised in Lethbridge Alberta but moved east when he was 22. Apart from running his own consulting firm. Jackson spends his time canoeing the many lakes of Ontario. As a financial journalist Jackson has published stories for CBC Business Online, as well as Buzz Feed and Motherboard. As a contributor to Billionaire 365, Jackson mostly covers markets and trade.

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