Even though a formal statement on the breach will be released after the investigation, a Bancor representative informed Cointelegraph the exchange must be back on line in 24 hours. According to the source, Bancor is coordinating with a number of industry players to produce tools and technology in order to assist the industry collaborate more effectively when thefts happen.

Decentralized cryptocurrency trade Bancor, that experienced a “safety breach” July 9, has advised Cointelegraph it expects to come back on line in 24 hours.

Bancor stopped operations this Monday due to an investigation of a “safety violation,” that involved more than $12 million. The market supported the violation on its own Twitter account, saying that ldquo;no other more user pockets were compromised. ” The cybercriminals reportedly exchanged a number of the tokens via conversion support Changelly.

When asked whether it is possible to fully prevent these kinds of safety breaches, the source compared exchange security to your game of cat and mouse. They clarified that thieves become more mature and complex together with the industry and projects. The representative highlighted that digital currency trades can outwit criminals through collaborative work.
Last week, even co-founder of all Ethereum Vitalik Buterin criticized centralized trades, saying that he expects they’ll “burn in hell. ” Offering their opinion on the subject, the representative stated there is a location for both centralized and decentralized systems in the business, underlining the value of neighborhood coordination and advancement, instead of generating opposing factions between different types of options. However, the representative concluded that, in their own opinion, decentralized solutions are the future of both blockchain and appreciate trade.