Charlie Lee sees lightning network as ‘ultimate’ exchange in Bancor aftermath

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Charlie Lee sees lightning network as ‘ultimate’ exchange in Bancor aftermath

Officials have confirmed on Wednesday that Bancor has resumed their operations after a USD 12 million hack. Bancor is a self-proclaimed ‘decentralized’ exchange platform.

They had lost their on BNT, Ether and Pundi X tokens in the hack attack and faced a sudden backlash that seemed tremendous in the industry. This has sparked enough criticism on its decentralization claims that were left fraudulent.

Bancor has pledged to provide more details in a update recently on Social Media stating,

“No customer wallets were broken into. The ETH was stolen out of BNT’s connector balance (like a reserve). The rest of the stolen tokens were taken from smart contracts that the breached wallet had access to on the network. No customer wallets were compromised.”

Bancor has seen commentators who reacted with much intense and criticized their ability to have the funds quarantined at will mentioning, “They constituted the antithesis to a decentralized setup — with well-known trader Tone Vays publicly labelling Bancor “another ICO scam.””

“The tokens that were frozen were BNT tokens stolen during the breach,” Bancor noted. “We firmly believe that this ability is a preventative measure essential to most tokens and necessary to protect the network and token holders in a state of emergency.”

Charlie Lee, the creator of Litecoin has placed his faith in Bitcoin and Litecoin’s Lightning Network implementation which has become “the ultimate decentralized exchange.”

Lee noted, “Users that are running LN on both BTC and LTC can advertise an exchange price and act as a maker earning a spread. Other users can act as a taker and atomically swap LTC/BTC with the maker node via lightning.”

At present however, the network is very much in its experimental stage and the user interfaces are at their technical level. The transaction success rates also have been reported to be at that of a minimal level.

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