The Bancor rate falls against the backdrop of platform security issues

The Bancor rate falls against the backdrop of platform security issues


Bancor’s cryptocurrency project reported problems in the security of its own system and closed its platform for the time of solving problems. The developers have not yet announced the details of what is happening, but the rate of the project’s own token fell by more than 20%, after which it partially recovered.

This morning, Bancor experienced a security breach. User wallets were not compromised. To complete the investigation, we have launched technical work and will soon provide additional information.

Before the publication of this message, Bancor notified the community that its web application was disabled due to technical work.

One of the users of Reddit shared his observations in connection with what is happening: “25k ETH left the Bancor contract and got here. 2.5 million BNT, which used to be on the same address as 25k ETH, were destroyed/burned through the destruction function, as seen here. The destruction function was called by the owner of the Bancor contract.”

The project website also closed for technical work. He informs his visitors that the user’s funds are safe, because Bancor does not hold user assets.

The Bancor protocol allows users to convert various tokens directly, eliminating the need to resort to cryptocurrency exchanges. The conversion of tokens takes place within the system due to the reserves of the smart contract.

The BNT has been under negative pressure for the past month. According to the data of CoinMarketCap, at present the token is ranked 77th in the list of the largest cryptocurrency assets and has a capitalization of $134 million, while a month ago this figure was above $200 million.

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