search
Front

Hackers raid Israeli cryptocurrency platform Bancor

Galia Benartzi photo: PR
Galia Benartzi photo: PR
10 Jul, 2018 11:27
שלח תגובה במיילRoy Katsiri

$23 million in tokens was stolen. Bancor: We were able to limit the damage by freezing the tokens.

Cryptographic currency trading platform Bancor yesterday reported that a break-in had taken place on Monday at the digital wallet used by the company to update its system. Bancor said that crypto tokens worth $23.5 million had been stolen in the break-in.

Bancor said that 25,000 Etherium tokens worth $12.5 million, 3.2 million BNT tokens worth $10 million, and 229 million NPXS tokens worth $1 million has been stolen.

Bancor was founded in 2016 by four Israeli high-tech entrepreneurs: CEO Guy Benartzi, business development manager Galia Benartzi (Guy's sister), product architect Eyal Hertzog, and CTO Yudi Levi. Bancor developed a platform for converting cryptocurrencies that enables their owners to trade or convert them quickly without any intermediary. The company says that it created a network of liquidity for digital currencies. Bancor currently operates with 60 employees from offices in the Amot Atrium Tower in Ramat Gan.

Bancor stated, "A digital wallet used to update several smart contracts in the Bancor network was breached. The breached wallet was later used to steal 24,984 Etherium tokens, 229.3 million NPXS tokens, and 3.2 million BNT tokens." The company emphasized that "no user wallets were compromised."

"We were able to freeze the stolen BNT, limiting the damage to the Bancor ecosystem from the theft," Bancor said.

Blockchain startup Bancor made headlines in June 2017 when it raised $153 million in an initial coin offering (ICO), one of the largest ICOs last year. Bancor's BNT crypto tokens are traded today at $2.65, reflecting a market value of $135 million for them, according to figures on the CoinMarketCap website.

The CoinTelegraph website yesterday reported that the hackers who broke into Bancor had traded some of the stolen crypto tokens through the Changelly instant messaging service. Changelly CEO Konstantin Gladych confirmed the particulars, adding, "Bancor later froze all of the tokens. We are now helping to track the stolen holdings."

Published by Globes [online], Israel business news - www.globes-online.com - on July 10, 2018

© Copyright of Globes Publisher Itonut (1983) Ltd. 2018

Galia Benartzi photo: PR
Galia Benartzi photo: PR
Wiz founders Yinon Costica, Assaf Rappaport, Ami Luttwak, Roy Reznik credit: Avishag Shaar Yishuv Israel's biggest ever exit: Google buying Wiz for $32b

Google has confirmed that an agreement has been signed for an all-cash deal. Wiz will remain an independent company under Google.

Itamar Ben-Gvir credit: Noam Moskowitz, Knesset Spokesperson's Office Otzma Yehudit rejoins government

Itamar Ben-Gvir's party left the government in January in protest against the ceasefire in Gaza. The resumption of fighting has paved its way back.

Bezhalel Machlis credit: Assaf Shilo/Israel Sun Elbit Systems CEO: Our potential in Europe is huge

Bezhalel Machlis was speaking at an investor conference after the company released 2024 results showing revenue up 14.3%.

Gaza Strip, March 17 2025 credit: Reuters/Anadolu IDF resumes assault on Hamas

Extensive aerial attacks were carried out against targets in the Gaza Strip overnight.

Orit Strook credit: Marc Israel Sellem/The Jerusalem Post Finance C'ttee approves NIS 300m coalition funds distribution

The money will mainly go to Religious Zionist party minister Orit Strook's Ministry of Settlements and National Missions.

Benjamin Netanyahu credit: ‎Alex Kolomoisky, Yediot Aharonot Firing the Shin Bet chief: The hurdles

Prime Minister Benjamin Netanyahu says he has "lost trust" in Shin Bet head Ronen Bar. Will this be enough to overcome legal challenges to his dismissal?

Tue: Results boost Elbit in jittery market

The resumption of hostilities in the Gaza Strip left its mark on the TASE indices today, but Elbit Systems jumped after releasing record results, while Bezeq slid.

Next Vision shareholders make NIS 230m exit

A British hedge fund has bought a 2.5% stake in the stabilized cameras company.

Energean CEO Mathios Rigas at the Israel Business Conference credit: Shlomi Yosef Energean's $1b gas fields sale at risk

The sale of the energy company's asset portfolio in Egypt, Italy and Croatia may fall through because of the buyer's difficulties with the Italian regulator.

Dina Ben Tal Ganancia credit: Guy Kushi & Yariv Fein El Al almost quintuples profit

The airline posted a net profit of $545 million for 2024, 4.7 times the profit in 2023, and an all-time high.

First International Bank of Israel CEO Eli Cohen credit: Eyal Toueg First Int'l posts top return on equity

First International Bank of Israel's return on equity in 2024 was 19%, the highest among Israel's banks.

Matrix IT CEO Moti Gutman credit: Idan Gross Matrix CEO Gutman among highest paid execs at TASE cos

Moti Gutman's total compensation cost in 2024 was NIS 23.7 million. Matrix posted 14.4% growth in operating profit.

Matrix Hq in Kfar Saba credit: Matrix Matrix to buy Magic in major Israeli IT merger

Magic will become wholly owned by Matrix in a triangular reverse merger. The combined company is expected to have a market cap of NIS 7.7 billion.

Inflation credit: Tali Bogdanovsky Unexpectedly low February CPI reading cuts inflation

While inflation in Israel in the 12 months to the end of February 2025 is lower than forecast, housing prices continue to rise.

Yitzhak Tshuva credit: Gidon Levy and Tali Bogdanovsky Competition Authority allows Delek takeover of Isracard

The Competition Authority is considered the easier of the two regulatory hurdles that the deal must overcome, the other being the Supervisor of Banks.

David Amsalem credit Noam Moskowitz, Knesset Spokesperson's Office Rafael to pay state NIS 444m dividend

The minister in charge of the Government Companies Authority, David Amsalem, has approved the payment by the defense company.

Finance Minister Bezalel Smotrich credit: GPO Yossi Zamir Israel's fiscal deficit narrows for fifth straight month

Record tax revenues and lower government spending due to the ceasefire and restrictions until the 2025 budget is passed have improved the fiscal deficit.

Twitter Facebook Linkedin RSS Newsletters גלובס Israel Business Conference 2018