Subsequently, two automatic front-runners joined in, helping the Bancor Team to withdraw funds from user wallets. Rescue attemptsĪpparently, the Bancor Team or some white hackers discovered this issue before anyone could begin draining user wallets and made attempts to rescue user funds by withdrawing them from user wallets. Users should use to see all ERC20 approvals to the vulnerable Bancor smart contracts. It is still unsafe for users to hold tokens in the wallets before they cancel their infinite approvals. And the smart contracts had a public method that allowed anyone to use these approvals to steal user funds. A critical bug in three recently deployed versions of the Bancor Network smart contract has led to a loss of user funds.ĭue to the bug, all Bancor Network users who did direct swap of their ERC20 assets shortly after the deployment of the smart contracts, made infinite approvals of their tokens to one of these smart contracts.
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