Post
Topic
Board Tokens (Altcoins)
Re: [ANN] Bancor | Protocol for Smart-tokens, solving the liquidity problem
by
ruletheworld
on 12/08/2018, 09:09:11 UTC
I hope that this project will return with more security, and the development team will correct all errors. The team is very cooperative and makes every effort to return this platform. I wish you the best of luck and all the best.
I think the team has said that they will not patch the security flaw that led to the hack and therefore the control of the 'smart contracts' remain centralized.

There is no security flaw to patch. BNT's anti-theft override feature will remain in place, but was not the cause of the theft. The investigation is still ongoing.
Yes, there was a security flaw that the team has refused to patch. This was pointed out to the team even before the ICO. Having a single address control funds in a smart contract means it is a security flaw. If you wish to learn why, look up Nick Szabo's trusted third parties are security loopholes.

If you disagree, show me one reputable security engineer that would attest to the fact that a single point of failure for funds in the smart contract is a good idea from a security point of view.

Irrespective of the exact mode of failure that led to the hack (whether inside job or not), the fact that there is a single address in control of a smart contract is a bad idea and a security flaw.