[ANN] Bancor | Protocol for Smart-tokens, solving the liquidity problem - page 136.

Tarasov1992

jr. member

Activity: 266

Merit: 1

Quote from: estenity on July 12, 2018, 02:54:40 AM

Quote from: JanuaryN on July 12, 2018, 02:49:00 AM

Quote from: Mallyx on July 12, 2018, 02:28:31 AM

So they froze the tokens ? That's not really a decentralized then;
and I couldn't find any mention of that on the whitepaper (or maybe I was too fast reading?): https://storage.googleapis.com/website-bancor/2018/04/01ba8253-bancor_protocol_whitepaper_en.pdf

It's weird to me.

Here's what the team stated about freezing the BNT:

Once the theft was identified, we were able to freeze the stolen BNT, limiting the damage to the Bancor ecosystem from the theft. The ability to freeze tokens was built into the Bancor Protocol to be used in an extreme situation to recover from a security breach, allowing Bancor to effectively stop the thief from running away with the stolen tokens.

so the protocol was able to do the freezing.

Indeed, it was done through the Smart-Contract without accessing anyone's wallet.

easyrimka

sr. member

Activity: 518

Merit: 261

finally the guy was right, bancor is flawed...

Sexy_Sees

member

Activity: 128

Merit: 22

Life is like a box of chocolates :)

So, the whole issue with the hack of funds has been resolved? Was quite big news everywhere in the cryptospace. Almost all videos I watched on Youtube this week about crypto covered it.. Tongue

boopy265420

legendary

Activity: 1876

Merit: 1005

I think their point of view is understandable by security's angle that they kept the freezing option to handle emergency's situation. This makes the Bancor's token semi-decentralized but we are still in early stages so it is acceptable. This is still better than fully centralized exchanges which can freeze your whole assets. The platform is coming back easy buy easy this is good news.

estenity

hero member

Activity: 1923

Merit: 538

Quote from: JanuaryN on July 12, 2018, 02:49:00 AM

Quote from: Mallyx on July 12, 2018, 02:28:31 AM

So they froze the tokens ? That's not really a decentralized then;
and I couldn't find any mention of that on the whitepaper (or maybe I was too fast reading?): https://storage.googleapis.com/website-bancor/2018/04/01ba8253-bancor_protocol_whitepaper_en.pdf

It's weird to me.

Here's what the team stated about freezing the BNT:

Once the theft was identified, we were able to freeze the stolen BNT, limiting the damage to the Bancor ecosystem from the theft. The ability to freeze tokens was built into the Bancor Protocol to be used in an extreme situation to recover from a security breach, allowing Bancor to effectively stop the thief from running away with the stolen tokens.

so the protocol was able to do the freezing.

JanuaryN

jr. member

Activity: 364

Merit: 2

Quote from: Mallyx on July 12, 2018, 02:28:31 AM

So they froze the tokens ? That's not really a decentralized then;
and I couldn't find any mention of that on the whitepaper (or maybe I was too fast reading?): https://storage.googleapis.com/website-bancor/2018/04/01ba8253-bancor_protocol_whitepaper_en.pdf

It's weird to me.

Here's what the team stated about freezing the BNT:

Once the theft was identified, we were able to freeze the stolen BNT, limiting the damage to the Bancor ecosystem from the theft. The ability to freeze tokens was built into the Bancor Protocol to be used in an extreme situation to recover from a security breach, allowing Bancor to effectively stop the thief from running away with the stolen tokens.

Mallyx

hero member

Activity: 1138

Merit: 574

So they froze the tokens ? That's not really a decentralized then;
and I couldn't find any mention of that on the whitepaper (or maybe I was too fast reading?): https://storage.googleapis.com/website-bancor/2018/04/01ba8253-bancor_protocol_whitepaper_en.pdf

It's weird to me.

shewasfourteen

sr. member

Activity: 686

Merit: 261

Bancor Network is back online. Adding tokens back to the network beginning with the BNT / ETH converter.

https://ban.cr/online

ruletheworld

legendary

Activity: 1386

Merit: 1045

Quote from: DashingCrypto on July 11, 2018, 04:25:58 PM

Quote from: Vyachel on July 11, 2018, 02:21:09 PM

Quote from: ruletheworld on July 11, 2018, 01:52:30 PM

Quote from: JanuaryN on July 11, 2018, 02:22:08 AM

Quote from: estenity on July 11, 2018, 01:30:36 AM

Quote from: ruletheworld on July 10, 2018, 11:55:17 PM

How do you know that the Team takes security seriously? This flaw was pointed out by Emin Gur Sirer before Bancor launch, and the Team never bothered to change the design. Why was that?

is this the reference to whhich you make allusion?

hackingdistributed.com/2017/06/19/bancor-is-flawed/

That does seem to be the reference. Let me include Bancor's response so that we have a wider perspective:

https://blog.bancor.network/this-analysis-of-bancor-is-flawed-18ab8a000d43

The reality is, this is a textbook case of not following good security practices. This was pointed out to the team more than a year ago. The team did not take that seriously. Now they got hacked similar to what was predicted by security experts. I don't see where in the process the team has demonstrated that they take security seriously.

I do not understand the team's position on security and marketing. They are completely ignoring these two important areas.

The team is working very hard to ensure that this kind of attack doesn't happen again. Please stay tuned to the Telegram Group and the Bancor Blog for more updates!

What's the reason for not "working very hard" a year ago to plug this security loophole that was very clearly pointed out to the team at that point that the team deliberately chose to ignore?

The blog hasn't been updated since Jun 21, is this a joke asking to follow the blog for updates?

Pikachu12

full member

Activity: 435

Merit: 100

Quote from: memii on July 11, 2018, 02:29:17 PM

They have hard lesson from this incident and will be paying more attention by spending resources on security than just more and more features ahead. That has happened and can't be turned back so past's mistakes open door towards new opportunities and we should look at future. They are doing every possible thing to normalize the situation as this is reputation's matter. Bancor has lot of good things for that they deserve support to overcome the difficult moments.

They have more security solutions and I'm sure it will not happen a second time. Right now the price has dropped a lot and everyone should invest now because Bancor is my favorite project and I usually earn good profits from trading. If you are considering a good investment then I advise people to choose Bancor

DashingCrypto

jr. member

Activity: 504

Merit: 1

Quote from: Vyachel on July 11, 2018, 02:21:09 PM

Quote from: ruletheworld on July 11, 2018, 01:52:30 PM

Quote from: JanuaryN on July 11, 2018, 02:22:08 AM

Quote from: estenity on July 11, 2018, 01:30:36 AM

Quote from: ruletheworld on July 10, 2018, 11:55:17 PM

How do you know that the Team takes security seriously? This flaw was pointed out by Emin Gur Sirer before Bancor launch, and the Team never bothered to change the design. Why was that?

is this the reference to whhich you make allusion?

hackingdistributed.com/2017/06/19/bancor-is-flawed/

That does seem to be the reference. Let me include Bancor's response so that we have a wider perspective:

https://blog.bancor.network/this-analysis-of-bancor-is-flawed-18ab8a000d43

The reality is, this is a textbook case of not following good security practices. This was pointed out to the team more than a year ago. The team did not take that seriously. Now they got hacked similar to what was predicted by security experts. I don't see where in the process the team has demonstrated that they take security seriously.

I do not understand the team's position on security and marketing. They are completely ignoring these two important areas.

The team is working very hard to ensure that this kind of attack doesn't happen again. Please stay tuned to the Telegram Group and the Bancor Blog for more updates!

voteformeg

legendary

Activity: 1932

Merit: 1005

Quote from: lirene on July 10, 2018, 10:21:17 PM

after the events that happened with the bankor, my world collapsed. And it happened with a project that was so serious about security and was constantly looking for vulnerabilities in its platform. How now to be in something sure?

i think that is difficult , we never know when something is for sure , that is why crypto is just started , we are going to need a lot of time and development before crypto is fully secure

too bad we know it wasn't sure enough when it is too late

Vitamin_52

sr. member

Activity: 854

Merit: 257

Bancor Network is back online. Will gradually be adding tokens back to the network beginning with the BNT / ETH converter. https://ban.cr/online

https://twitter.com/Bancor/status/1017147170330480641

memii

legendary

Activity: 1372

Merit: 1001

They have hard lesson from this incident and will be paying more attention by spending resources on security than just more and more features ahead. That has happened and can't be turned back so past's mistakes open door towards new opportunities and we should look at future. They are doing every possible thing to normalize the situation as this is reputation's matter. Bancor has lot of good things for that they deserve support to overcome the difficult moments.

Vyachel

member

Activity: 294

Merit: 10

SEMUX

Quote from: ruletheworld on July 11, 2018, 01:52:30 PM

Quote from: JanuaryN on July 11, 2018, 02:22:08 AM

Quote from: estenity on July 11, 2018, 01:30:36 AM

Quote from: ruletheworld on July 10, 2018, 11:55:17 PM

How do you know that the Team takes security seriously? This flaw was pointed out by Emin Gur Sirer before Bancor launch, and the Team never bothered to change the design. Why was that?

is this the reference to whhich you make allusion?

hackingdistributed.com/2017/06/19/bancor-is-flawed/

That does seem to be the reference. Let me include Bancor's response so that we have a wider perspective:

https://blog.bancor.network/this-analysis-of-bancor-is-flawed-18ab8a000d43

The reality is, this is a textbook case of not following good security practices. This was pointed out to the team more than a year ago. The team did not take that seriously. Now they got hacked similar to what was predicted by security experts. I don't see where in the process the team has demonstrated that they take security seriously.

I do not understand the team's position on security and marketing. They are completely ignoring these two important areas.

ruletheworld

legendary

Activity: 1386

Merit: 1045

Quote from: JanuaryN on July 11, 2018, 02:22:08 AM

Quote from: estenity on July 11, 2018, 01:30:36 AM

Quote from: ruletheworld on July 10, 2018, 11:55:17 PM

How do you know that the Team takes security seriously? This flaw was pointed out by Emin Gur Sirer before Bancor launch, and the Team never bothered to change the design. Why was that?

is this the reference to whhich you make allusion?

hackingdistributed.com/2017/06/19/bancor-is-flawed/

That does seem to be the reference. Let me include Bancor's response so that we have a wider perspective:

https://blog.bancor.network/this-analysis-of-bancor-is-flawed-18ab8a000d43

The reality is, this is a textbook case of not following good security practices. This was pointed out to the team more than a year ago. The team did not take that seriously. Now they got hacked similar to what was predicted by security experts. I don't see where in the process the team has demonstrated that they take security seriously.

JanuaryN

jr. member

Activity: 364

Merit: 2

Quote from: LuckyBtc on July 11, 2018, 02:51:05 AM

Quote from: magisterr on July 11, 2018, 02:32:09 AM

How they going to back funds for their users? Or they are not going? If they will not back funds, they can lost reputation. Huh

Users funds are not affected, We keep our tokens/ETH in our own wallet right? Liquidity contract wherein funds are kept for an exchange was hacked.

Bancor has mentioned that user wallets were not compromised. Remember, only you have access to your wallet. Bancor doesn't not store your password or key.

jtalk

legendary

Activity: 1610

Merit: 1004

There shouldn't be any compromise on security I remember few days ago someone brought last year's article in which security concerns were raised. When you are exchange service's provider and lot of other tokens are relaying on your security measures extra steps must be taken. This isn't first hack and will not be last but cautious attitude always in the priority things.

identifyuser

hero member

Activity: 630

Merit: 500

Quote from: magisterr on July 11, 2018, 02:32:09 AM

How they going to back funds for their users? Or they are not going? If they will not back funds, they can lost reputation. Huh

I think decentralised exchanges like Bancor must take more attention to their level of security. Nowadays level is absolutely not enough.

LuckyBtc

legendary

Activity: 1288

Merit: 1012

Quote from: magisterr on July 11, 2018, 02:32:09 AM

How they going to back funds for their users? Or they are not going? If they will not back funds, they can lost reputation. Huh

Users funds are not affected, We keep our tokens/ETH in our own wallet right? Liquidity contract wherein funds are kept for an exchange was hacked.

Topic: [ANN] Bancor | Protocol for Smart-tokens, solving the liquidity problem - page 136. (Read 375814 times)