Hacker Attacked the World's First Decentralized Cryptocurrency Exchange, Appropriating More Than $12

This article examines Hacker Attacked the World's First Decentralized Cryptocurrency Exchange, Appropriating. It presents the main facts, practical implications, and key points in a clearer, easier-to-follow format.

Understanding Hacker Attacked the World's First Decentralized Cryptocurrency

The decentralized cryptocurrency exchange is assessed to ensure security against hackers' attacks because it operates based on blockchain and smart contracts. On decentralized floors, trading will be low cost, money is in the wallet account of the investor. Because the security of decentralized pre-trading exchanges is superior to that of centralized exchanges, it is considered an inevitable trend.

But recently, Bancor - a well-known decentralized money exchange trading platform has been attacked and stolen by the hacker worth more than 12 million USD. Bancor ICO was successful in July 2017, with the amount mobilized more than 153 million USD in just 3 hours.

Earlier on the official Twitter site, Bancor announced the suspension of transactions due to a security breach. They also confirmed that customers' electronic wallets are still safe.

However, soon after, hackers attacked an electronic wallet used to upgrade smart contracts and transfer all 25,000 Ethereum and 300,000 NPXS, totaling more than $12.3 million.

Bancor contacted dozens of other cryptocurrency exchanges to investigate the e-wallet address that stole the money and prevented hackers from liquidating the stolen money.

In 2018, hackers attacked many electronic currency exchanges and stole hundreds of millions of dollars. At the beginning of the year, Japanese Coindesk floor was stolen about 500 million token NEM worth about 533 million USD. And the last time was the theft of $30 million on Bithumb, the largest virtual currency trading platform in South Korea in June.