Bancor Protocol suspends user security

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Digital asset platform Bancor Protocol on Monday, June 20, announced that it was forced to take extreme measures due to the difficult situation in the digital asset market.

Bancor Protocol has suspended services to protect users from losses. The site team promised that as the economy stabilizes, the service will be relaunched:

“This measure to suspend the ILP function shouldgive the protocol some room to recover. In the meantime, we are waiting for the markets to stabilize and are working to resume customer protection as soon as possible.”

The team clarifies that users whoIf they attempt to withdraw assets during these uncertain times, they will not be protected from losses. Those who keep assets in the protocol will continue to receive income and will be able to safely withdraw money in the future - once the protection is reactivated.

The developers assured that trade will remainactive in all network liquidity pools. At the same time, they clarified that currently user deposits are not placed on the site in order to avoid confusion when directly interacting with a smart contract - when information about suspended protection is not visible.

The company reassured users by stating that the platform has not encountered cyber attacks and user funds are safe in Bancor Protocol.

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Last week, the cryptocurrency lenderBabel Finance responded to the market downturn and suspended financial transactions. Earlier, staking platform Finblox set a $1,500 limit for monthly withdrawals and suspended rewards due to uncertainty surrounding hedge fund Three Arrows Capital.