Bancor, an Israeli startup, reported yesterday that it had been the victim of a crypto hijack which saw the central miscreant make his way with nearly USD $13.5 Million.

Following the incident, it was revealed that a majority of the money was comprised of Ethereum.

Additionally, the company also called into action certain ‘emergency protocols’ which saw nearly $10 million worth of native Bancor tokens being frozen temporarily– primarily to prevent any further thefts.

More details regarding the matter

In a statement released via twitter, the company said that the breach occurred via a crypto wallet that was being used for certain smart-contracts. However, exact details regarding the entire episode still remain unclear at this time.

Bancor officials also said that

We are currently working together with dozens of cryptocurerncy exchanges to trace the stolen funds and make it more difficult for the thief to liquidate them.

As a result of this news entering mainstream media circles, BNT dropped in value by nearly 14% on Monday itself. Even the official company website suspended its operations by citing issues related to “regular maintenance” as the cause.

Final Take

With so many unwarranted scams plaguing the cryptoverse on a near monthly basis, it is high time that better, more secure safety protocols are adopted by blockchain companies, especially as the market continues to gain more traction with each passing day.

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