Security incident · 2018-07-09
Bancor V3
According to the public DefiLlama incident dataset, Bancor V3 (Ethereum) suffered a security incident on 2018-07-09, with about $23.5M reported lost.
| Date | 2018-07-09 |
|---|---|
| Reported loss | $23.5M |
| Chain | Ethereum |
| Target type | DeFi Protocol |
| Technique class | Key Compromise |
| Technique | Hot Wallet Key Compromised |
| Bridge incident | No |
| Within 2018 | #7 by loss that year, 2.1% of all reported losses that year |
How this kind of attack works
Private keys or signing rights that controlled the funds were stolen, and the attacker moved the money with valid signatures. On chain it looks like a normal transfer.
Would a pre-payment check have helped
Key compromise is a wallet and key-security matter; screening the counterparty or endpoint does not touch it.