Token Platform Bancor Goes Offline Following ‘Security Breach’

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Token creation platform Bancor has gone offline following a “security breach” that took place Monday morning.

Bancor posted on Twitter that it took its platform offline following the security incident, stating that “no user wallets were compromised.”

“To complete the investigation, we have moved to maintenance and will be releasing a more detailed report shortly. We look forward to being back online as soon as possible.” A spokesperson for Bancor confirmed the incident when reached by email.

The developments come more than a year after Bancor raised $153 million in an initial coin offering (ICO), representing the largest token sale of its kind at the time (a figure that was ultimately eclipsed by Telegram and, later, EOS). In addition to serving as a decentralized exchange, Bancor also allows for the creation of new cryptographic tokens.

While the startup stressed that no user wallets were impacted, social media chatter suggests that funds connected to the platform may have been compromised in the incident. At least one observer has claimed that as much as 25,000 ETH – an amount worth roughly $12 million – was moved out from Bancor addresses.

A representative for Bancor didn’t immediately respond to questions regarding the veracity of those claims or when the platform would be brought back online.

Questions aside, the incident appears to have impacted the price of Bancor’s BNT token. According to CoinMarketCap, the token’s price is down roughly 14 percent during the past day and is currently trading at around $2.73.

Bancor Cryptocurrency image via Shutterstock

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