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

Bancor Protocol is a standard for Smart Tokens, and can allow anyone to create smart coins....that can hold and trade other cryptocurrenccies.
Bancor Coin (BNT) is the Genesis smart coin that will be used to establish the BANCOR network and function as a native currency.
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Bancor Creates Crime-fighting ‘Crypto Defenders’ as Scorn Over $12 Mln Hack Escalates

Fri Jul 13, 2018 10:04 am

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

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