Bancor Creates Crime-fighting ‘Crypto Defenders’ as Scorn Over $12 Mln Hack Escalates

[howlermunkey]

Self-styled “decentralized” exchange platform Bancor pledged to tackle cybercrime threats to cryptocurrency entities in a blog post July 12 as it resumed operations following a $12 mln hack this week.

Summarizing the platform’s future plans in the post, co-founder Guy Benartzi also announced that Bancor’s internal tools that helped tracked its hacked funds would be made available to a wider audience.

This move will form a precursor to a major crime-fighting initiative which Benartzi hopes will result in contribution of “resources and capabilities to fight criminals together.”

The initiative, described as a “coalition of crypto defenders,” will involve the platform and other as yet unnamed cryptocurrency industry businesses. Benartzi explained in the post:

“Members will collaborate on mechanisms to warn and assist each other in times of peril, coordinate around shared blacklists, and contribute open-source tools aimed at creating a safer world for all stakeholders.”

Bancor’s handling of the hack drew criticism from well-known industry figures and community members. The platform’s freezing of a smart contract containing almost $11 mln in its native token BNT runs contrary to decentralized principles, critics argued, while others claimed the fact that the attack was successful at all proved Bancor’s inferiority.


https://cointelegraph.com/news/bancor-c ... -escalates