Decentralized cryptocurrency platform Bancor halted operations Monday, July 9, as it investigates what it calls a “security breach,” reportedly involving over $12 mln.
No user wallets were compromised,” the tweet reads, continuing: “To complete the investigation, we have moved to maintenance and will be releasing a more detailed report shortly.
User funds remain intact due to Bancor not holding any cryptocurrency in hot wallets or otherwise on their behalf.
Its decentralized structure has contributed to its security record, while major hacks have continued to rock centralized cryptocurrency exchanges – most notably Coincheck – throughout this year.
Vitalik Buterin, co-founder of Ethereum, delivered heavy criticism of centralized exchanges last week, saying he “hopes they burn in Hell.”
The frequent rate of Crypto-hacking is no news to Cryptocurrency exchanges as well as its users. With Bithumb losing over $30 million to hackers during its system upgrade which was eventually postponed some weeks ago, a new tragedy has followed upon Binance’s recent maintenance upgrade.
BeANKH aspired to develop an approach based on Blockchain technology to save the individual human personalities securely on a blockchain. The idea is that the decentralized storage and encryption will provide for the security of personal data, making the digital personality not only readily available, but also tamper-proof.
Hackers have reportedly made away with cryptocurrencies worth $30 million from Bithumb, South Korea's leading exchange, according to reports from a blog update. The exchange states that due to the hack, deposits and withdrawals will be temporarily suspended until further notice.
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