Bancor Hacked, Augur Going Live and Bobby the VC?
Bancor, the Decentralized Exchange/Liquidity Network that raised over $150M in an ICO, was hacked today for over $20M in ETH and BNT tokens, again showing the vulnerability of smart contract technology. Augur, which has been in development for 3 years, an eterenity in the crypto world, is going live tonight and I'm excited to see how it pans out!
And lastly, I'm pumped to be supporting the team at CityBlock Capital as an Investment Partner, helping the NYCQ tokenized VC fund to deploy $10 Million in capital to crypto companies alongside CoVenture Crypto.
Read about CityBlock here: https://medium.com/cityblock-capital/introducing-nycq-investing-in-the-future-of-finance-b96e95101a2f
Joey Krug's TokenDaily post:
https://www.tokendaily.co/p/q-a-with-joey-krug-co-cio-at-pantera-capital
Bancor Hacked:
https://www.coindesk.com/token-platform-bancor-goes-offline-following-security-breach/
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Covered in this article days before the back
https://medium.com/thedailydose/neither-qsp-or-bnt-should-be-trusted-as-reliable-platforms-in-crypto-8872d5d594df
Supuestamente es imposible hackear el sistema, veremos como se comporta el mundo Crypto..
That's horrible. Is it a big exchange?
Augur will go live when it's ready. There are no public hard dates. What we do know is that the team is completing the backend and frontend and will submit it for code review to a third party auditor before summer time. After the third-party audit is completed the findings will be implemented; THEN it will go partially live with a market like, "Augur cannot be hacked". If the pool is lost, it turns out Augur can be hacked and those predicting that it could not be hacked were wrong.
Interesting but it doesn't seem that it was the exchange itself but the wallets the central organization developing it had control of. Will be interesting to see how this develops as decentralized exchanges should be more secure than centralized ones. This is the potential problem of centralized blockchains...
This is the nature of smart contracts, while they are "trustless" they are also susceptible to any coding errors.
I join one right now and I start to ask some questions