Decentralized cryptocurrency platform Bancor on Monday announced that it suffered a major security breach in which it lost nearly $13.5 million.

The platform went offline soon after and remains non-operational at the time of writing. Providing the details of the breach, Bancor said:

“A wallet used to upgrade some smart contracts was compromised. This compromised wallet was then used to withdraw ETH from the BNT smart contract in the amount of 29,984 ETH (~$12.5M). The same wallet also stole:
229,356,645 NRXS (~$1M)
3,200,000 BNT (~$10M)”

However, Bancor added that it was able to freeze the stolen BNT, thereby “limiting the damage to the Bancor ecosystem from the theft”. It could not freeze ETH or any other stolen tokens.

The startup is now working with other cryptocurrency exchanges to trace the stolen funds and making it “more difficult for the thief to liquidate them.”

Bancor conducted one of the most successful initial coin offering (ICO) drives last year, in which it raised over $150 million. The BNT token fell by 21 percent following the announcement and is currently trading at $2.54 levels.

In addition, the theft of $12.5 million in ETH seems to have triggered a plunge in ether price. ETH/USD is trading deep in the red on Tuesday, down by over 8 percent since yesterday’s high of 488 levels. It is currently trading at 446 levels at the time of writing (Coinbase).