Defi (DEFI)
$0.494473 (1.76 %) View coin |
Bancor (BNT)
$2.48 (-5.05 %) View coin
News
18 June 2020

Bancor suffers a security vulnerability just days after smart contract upgrade

Bancor, a decentralized exchange protocol, suffered a security vulnerability after recently deploying the new BancorNetwork v0.6. The bug would have allowed anyone to use infinite approves to steal nearly $500K of user funds at risk, however, the team was able to save the funds via a white-hack attack. Arbitrage bots noticed this activity and were able to front-run the transactions with profits of $135K but they are expected to return the funds.

Why it matters - This isn’t the first time Bancor has been hacked. Two years ago it was drained of $13.5 million. In a time when DeFi attacks seem to happen regularly, user trust may become a differentiating factor between competing protocols in which case even minor attacks like this could be a setback. - The v0.6 upgrade was supposed to be one of the last steps before the upcoming Bancor v2 upgrade. Despite the potential hurdle created, the team believes it will not delay the target release.

Newsletter
13 July 2020
3 coins to keep an eye on | Issue #86
During the last week, there's been no relief for traders anxious to see a resolution to Bitcoin's current range. The price ran the previous weekly highs, covering a 4.56% range from low to high before closing a few dollars above the monthly level at $9,294. Meanwhile, the altcoin marketcap climbed a similar percentage from...
Newsletter
29 June 2020
3 coins to keep an eye on | Issue #84
It's been another wild week in Bitcoin with the price covering a nearly 10% range - jumping up to short stops at $9,800 before plummeting down to near $8,800. The altcoin marketcap mirrored Bitcoin's movements with its value climbing from $94 to $98 billion, before ending the week near $90 billion. While we wait to see ...
Balancer, an automated market maker similar to Uniswap, began distributing its governance token BAL today after launching its liquidity mining program on June 1. Each week 145,000 BAL will be distributed to liquidity providers who deposit assets onto the platform. Since LPs became eligible to earn B...

3 coins to keep an eye on 👀