Two days ago, July 9, decentralized cryptopleura Bancor was under attack. Attackers managed to access $23 million in the cryptocurrency. According to some claims, a portion of the stolen funds have already been converted to Fiat through the exchanger Changelly.

In light of this situation, some community members raised questions not only about what should be the strategy of crypto currency exchange at hacking, but how decentralized is the Bancor.

Recall that the launch of the Bancor was held last June, immediately after a very successful ICO in just three hours, the startup has raised about $153 million in Ethereum (ETH), and among his investors were big names such as Tim Draper (Tim Draper).

This decentralized cryptopleura was created in order to give users the ability to issue their own “smart token” which can contain in reserve one or more tokens, and make the conversion without the participation of contractors. The network is also present native token BNT — it can be purchased for other tokens and Vice versa.

Specificity of local tokens is that they are non-profit, integrated market-maker, by which their liquidity has nothing to do with the listing on the exchange or trading volume. Instead, it is calculated using the formula Bancor, aimed at maintaining the same ratio between the value of the tokens.

And if centralized cryptomeria acne Buterin recently wished “burn in hell” due to the fact that they have the ability to decide exactly what cryptocurrency “rush to the moon”, Bancor seems to be their complete opposite. It allows you to even sell those tokens for which there is no user demand, and in addition has a decentralized system, and does not store all of the assets of users in one place, and which should be of little interest to attackers.

However, experience has shown that it is not. Abducted July 9, raising nearly half ($10 million) made up of native tokens BNT, and the second part is ETH $12.5 million and NPXS is valued at approximately one million.

And if the leak of their token team Bancor could quickly be prevented due implementierung in the Protocol feature freeze in case of theft, to protect third-party oldoini was not so easy.

Because of this, some members of the crypto community was a natural question arises: is it possible to consider Bancor truly decentralized exchange?

“The exchange is not decentralized if it can be lost or freeze the client’s assets, but Bancor could do both. They create a false sense of decentralization,” — wrote in his Twitter Creator of Litecoin Charlie Lee (Charlie Lee).

Because Bancor is unable on its own to prevent the liquidation of the hackers all the stolen funds, the startup team joins forces with other industry players. Part of the assets received in exchange Changelly, making immediate conversion of the General Director Konstantin Gladic which said:

“After it happened, these tokens were frozen in our contract Fund Bancor. Now we help them track down the stolen funds.”

However, there is little to prevent the care of those Fiat $13.5 million, before costs kriptosmartfon more important problem — to find a way of effective cooperation in the event of similar situations in the future. According to the head Apsog public relations, Hindman Nate (Nate Hindman), and their team, together with colleagues from other exchanges are already engaged in this question:

“These mechanisms include, first, a blacklist that helps in real time tracking address, perpetrator, and also the movement of stolen assets. And secondly, a Fund for emergency situations, which in such situations, compensate for project losses. There is still a lot of work, and we hope that in the process of joint problem solving, we can all become stronger and smarter. Cooperation is not just a concept, it is a practice and we are grateful for their support and assistance.”

Hindman stressed that completely eliminate the possibility of hacker attacks is extremely problematic because attackers develop together with the industry and constantly coming up with new, more sophisticated ways of hacking. However, he believes that to try to beat is still necessary, but this can only be done together:

“Together we strive to create the best tools that will allow criminals to commit a crime and use the stolen assets, and will improve analysis of situations and the process of notification of incident users and other participants.”

Meanwhile, Waplog continues to conduct technical work, and a token BNT continues to fall. According Сoinmarketcap, its price has fallen more than 15%, and at the time of publication was $2,21.

comments powered by HyperComments