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Author: Admin | 2025-04-28
That hackers had stolen ~$23.5M in crypto assets. These included: $12.5 million in Ether $1 million in Pundi X’s NPXS token $10 million in Bancor’s BNT This hack occurred when "a wallet used to upgrade some smart contracts was compromised", according to Bancor's spokesperson. Bancor raised over $150M during its Initial Coin Offering the previous year. The lesson to learn from the Bancor hack is that just because someone claims their exchange is decentralized does not mean that the wallets can't be hacked or that the software does not have critical bugs that leave customers vulnerable. Charlie Lee, Litecoin founder, put it best: A Bancor wallet got hacked and that wallet has the ability to steal coins out of their own smart contracts. 🤦♂️An exchange is not decentralized if it can lose customer funds OR if it can freeze customer funds. Bancor can do BOTH. It's a false sense of decentralization. https://t.co/22UYygIhEF— Charlie Lee [LTC⚡] (@SatoshiLite) >July 10, 2018 E-Coin Scam The Swiss Financial Market Supervisory Authority (Finma) has blocked $2M worth of funds sent to Quid Pro Quo Association for issuing E-Coins. Quid Pro Quo claimed that E-Coin was a cryptocurrency, yet it was discovered that there was no Blockchain, and the coins simply existed on a database held on Quid Pro Quo's servers. According to the statement from Finma, These three legal entities accepted funds amounting to at least four million Swiss francs from several hundred users. Finma Spokesperson The scheme also promised to back the coins with physical assets, which it had failed to do. There were also apparently two other scam currencies, but these currencies were not named in the warning from Finma. - The cost of purchasing expensive hardware aside, mining takes time and energy (literally) which gets expensive. Especially considering the price of electricity
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