Bancor Wallet Hacked, $13.5M Stolen

As noted by the developers, the hacked wallet was used to update the smart contract
10 July 2018   1671

On July 9, at 00:00 UTC, unknown intruders cracked the purse on the Bancor platform, as a result of which 24,984 ETH ($ 12.5 million) and 229.35 million NPXS ($ 1 million) were stolen.

Bancor Twitter
Bancor Twitter

As noted by the developers, the compromised wallet was used to update the smart contract. It was through it that hackers were able to withdraw funds from the Bancor platform.

It is noteworthy that the project team was able to freeze the withdrawal of 3.2 million BNT ($ 10 million), since the platform protocol provides a quick response to possible threats in order to minimize damage to the community.

However, the output of ETH and NPXS still took place. Now the project actively cooperates with dozens of crypto exchanges to track stolen funds and prevent their sale by intruders.

Bancor allows the exchange of ERC-20 tokens via smart contracts outside of trading platforms.

The ICO of the project attracted $ 140 million in just three hours.

SEC to Accuse Veritaseum ICO of Fraud

SEC believes that project's tokensale, thru which it raised $14.8M back in 2017-2018 had a signs of scam and company misled the investors
14 August 2019   277

The U.S. Securities and Exchange Commission (SEC) has sued New Yorker  and Veritaseum-related companies that have been caught by the agency in conducting an unregistered ICO with signs of fraud. It is reported by Cointelegraph.

According to documents published on the network, the SEC intends to hold Reggie Middleton accountable and immediately freeze the assets of Veritaseum Inc. and Veritaseum LLC.

The Commission claims that the defendants raised about $ 14.8 million through an initial coin offering (ICO) in 2017 - early 2018. At the same time, many investors were misled, as the company distorted information about the conditions of the token sale and deliberately hid some significant details.

The American regulator claims that the project still has about $ 8 million of illegally raised funds. According to the SEC, these assets must be frozen immediately.

Amid this news, the Veritaseum (VERI) rate has fallen by 70%. Now the coin is trading near the $ 5 mark, although at the beginning of 2018 its rate was approaching $ 500.

Veritaseum was created as a financial p2p platform, involving the movement of capital without traditional intermediaries. Also, VERI was positioned as a utility token for use in consulting services and access to various research works.

In 2017, Veritaseum blockchain startup fell victim to hackers, having lost $ 8.4 million from ICO investors.