In this post, we want to quickly make the case that their approach is flawed. To recap, they propose a scheme to provide liquidity for digital assets, using a smart contract. In essence, they propose a public algorithm by which they can always propose a bid/ask price for other people's coins. Now, a flawed approach doesn't mean that what they have is exploitable the way The DAO was, though we detail some immediate problems with the code below. What we mean is that the contract, as implemented, is far from meeting its purported narrative, even if no one takes advantage of the exploit.

http://hackingdistributed.com/2017/06/19/bancor-is-flawed/