How CertiK Could Help Warn Bancor Issue that Led to Millions of Funds Lost
ID: 94fa73c2-56b1-5083-b61e-156b097235f4
STIX ID: report--94fa73c2-56b1-5083-b61e-156b097235f4
Feed Name: CertiK Blog
Threat Score
On July 8, 2018 the Bancor platform suffered a theft of approximately $23.5M after an admin wallet used for contract upgrades was compromised; the attacker used owner-level privileges in a TokenHolder contract to transfer user-held tokens to a hacker address. The report attributes the loss to a design flaw granting excessive administrative transfer rights and advocates CertiK's formal verification and OWNER_ONLY_TRANSFER_WARNING label to help detect and remediate over-privileged smart contract functions.
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