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#Hacker Steals $13.5 Million From #Bancor #Cryptocurrency #Exchange

In a statement published hours ago, Israeli-based cryptocurrency exchange Bancor fessed up to a security incident following which a hacker made off with roughly $13.5 million worth of cryptocurrency.

The hack took place yesterday, July 9, at 00:00 UTC, according to Bancor, after an unknown intruder(s) gained access to one of the company’s wallets.

This was a big deal because Bancor doesn’t run as a classic exchange platform, but uses a complex mechanism based on smart contracts running on the Ethereum platform to move funds at a quicker pace than classic exchange platforms.

The compromised wallet also granted the attacker access to updating the smart contracts responsible for converting user funds.

Bancor says the hacker used this access to withdraw 24,984 Ether (ETH) coins (~$12.5 million) from Bancor smart contracts and sent the Ether to his own private wallet.

Similarly, he also withdrew 229,356,645 Pundi X (NPXS) coins, worth another $1 million.

Security feature prevents theft of another $10 million

The hacker also withdrew 3,200,000 Bancor tokens (BNT) (worth around $10 million), which Bancor had issued last year as part of its ICO that raised over $150 million, but Bancor says a security feature in Bancor tokens allowed it to freeze the funds and prevent the hacker from cashing it out at other exchanges.

“It is not possible to freeze the ETH and any other stolen tokens,” Bancor says. “However, we are working together with dozens of cryptocurrency exchanges to trace the stolen funds and make it more difficult for their thief to liquidate them.”

Bancor said the hacker didn’t compromise any user wallets. The theft appears to have affected only Bancor’s reserves, which the company held to facilitate the cryptocurrency exchange process.

Bancor did not reveal how the hack took place but promised more updates in the following days via its website and its Twitter account. Bancor’s platform is currently down and undergoing maintenance work.

Last year, a security researcher criticized the Bancor platform for using smart contracts that contained several security flaws.

Below is Bancor’s initial statement regarding yesterday’s security breach.

Source: https://www.bleepingcomputer.com/news/security/hacker-steals-135-million-from-bancor-cryptocurrency-exchange/

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NETFLIX PHISHING CAMPAIGN STEALS CUSTOMERS’ CREDIT CARD DETAILS

Source: National Cyber Security – Produced By Gregory Evans

Netflix customers are being targeted by hackers posing as employees of the video streaming website in order to steal their credit card details. Researchers at the cybersecurity firm PhishMe uncovered the phishing campaign, which sent out Netflix-branded emails claiming to be from the company’s support team. Emails in the campaign…

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Hacker steals water customers’ money in Margate, police say

more information on sonyhack from leading cyber security expertsSource: National Cyber Security – Produced By Gregory Evans The U.S. Secret Service is investigating how a hacker managed to get water-utility customers’ personal information to steal their money, Margate police said Thursday. The accounts for sixty-nine water customers in Margate and parts of Coconut Creek were compromised when residents went online to pay their […] View full post on AmIHackerProof.com | Can You Be Hacked?

Hacker Steals Password, Nearly Swipes $20K from College Station Woman

COLLEGE STATION, Texas – A College Station woman says a computer hacker nearly swiped thousands of dollars from her personal account. Anne Boykin said her financial advisor called in October and said he wanted to approve a recent transfer request […]

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