Ethereum DeFi Protocol Assures “User Funds Are Safe” After Rumored Attack
On June 17th, decentralized finance information portal DeFiPrime reported that the Ethereum addresses affiliated with decentralized liquidity network Bancor were being “drained.” San Francisco-based venture capital fund Hex Capital elaborated on the details, writing in response to DeFiPrime:
This would have been Bancor’s latest major security breach — $13.5 million worth of cryptocurrency (mostly Ethereum) was lost in 2018 due to compromised smart contracts.
But according to DeFiPrime, who conversed with the Bancor team, nothing is too amiss:
It was added that the smart contract has since been reaudited to minimize risk and that users who deposited cryptocurrency into the Ethereum contract have no lost no funds. The hack still shows the risks that DeFi users face when using new protocols and when finance blockchain applications are literal honeypots for hackers, available to be breached 24/7.
