Bacor Being Hacked

in #cryptocurrency7 years ago

Somebody just front ran the Bancor in just 150 lines of codes. 

For people who are not technical enough here is a simple example of "Front Running"


The term originated in the stock market, back in the days when trades were executed on paper, carried by hand between the trading desks. A broker would receive an order from a client to buy a certain stock, but then place a buy order for themselves in front. That way the broker benefits from the price increase at the expense of their client. Naturally, the practice is unfair and was outlawed. 

There was an article from Cornell researchers that it is flawed but recent proof of concept suggest that it is rather easy to do it.

Checking this post on Hacker Noon for detailed way to do it. 

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