Bancor Wallet Hacked, $13.5M Stolen

As noted by the developers, the hacked wallet was used to update the smart contract
10 July 2018   413

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.

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Ex S&P President to Invest in iComply Startup

The startup is aimed at developing tools and services to meet the regulative standards for blockchain start-ups
14 August 2018   114

Startup iComply, working in the field of regulatory technologies and compliance with standards, has just completed the initial round of financing, which was headed by former Standard & Poor CEO Deven Sharma, CoinDesk reports.

IComply, aimed at developing tools and services to meet the regulative standards for blockchain start-ups (especially for those that conduct ICO), said on Monday that it attracted a seven-figure sum during this invest-round, but did not say the exact figure. The round was also attended by DMG Blockchain and Block X Capital.

In addition, iComply reported that it was joined by former employee of the Commodity Futures Trading Commission (CFTC) Jeff Bandman, former Managing Director of NASDAQ and the Financial Services Industry Regulation Service (FINRA) Manny Alikandro, MIT Connection Science program member, Praveen Mandal and Prosecutor Thomas Linder.

According to Sharma, he decided to invest in the startup iComply, because the project "is focused on services for ICOs related to risks and compliance with standards." Compliance with the standards, he said, will ensure the transparency of ICO issuers and thereby help to ease the concerns of regulators.

Sharma also believes that iComply can contribute to the spread of crypto technologies, helping the entry of traditional financial services into this industry.

My interest is to see iComply evolve into a benchmark that investors can use to assess credibility of issuers, sustainability of underlying services and the price of ICOs. iComply's patent-pending software enables both security and utility tokens to monitor and document compliance, governance and risk procedures, before a public blockchain executes an immutable trade, providing trust, integrity and transparency for our clients. There have been a few ICOs that had a fundamentally robust offering that I understood and did interest me [but I] missed the opportunity. Others that have transparency from a service like iComply, I would [invest in].
 

Deven Sharma

Ex-president, Standarts & Poors

It is the ideas of transparency and trust, according to Sharma, that sparked his interest in order to start working with the blockbuster.