Ankr reveals ‘former team member’ carried out hack on protocol in early December

Ankr Protocol (ANKR) revealed that a erstwhile squad subordinate carried retired the Dec. 2 hack that led to a nonaccomplishment of astir $5 million, according to a Dec. 20 statement.

Ankr wrote that the erstwhile squad subordinate carried retired the hack by utilizing malicious codification that compromised its backstage cardinal erstwhile a morganatic update was made.

The hacker exploited a bug successful Ankr Protocol’s codification to mint six quadrillion aBNBc tokens and converted portion of it into $5 cardinal USDC  — Binance seized $3 cardinal of the converted stolen funds. Blockchain analytical firms said astatine the clip that a backstage cardinal compromise caused the hack.

Ankr said it has reported the erstwhile squad subordinate to instrumentality enforcement agencies and added:

“[We are] shoring up interior HR processes and information measures to fortify our information posture going forward.”

Meanwhile, each Ankr employees volition present beryllium subjected to inheritance checks, and entree to delicate systems volition beryllium restricted. Additionally, Ankr said it volition instrumentality multi-sig authentication for updates to forestall a recurrence of specified hacks.

Ankr reimbursed affected parties

Ankr said it took measures to compensate users, liquidity providers, and lenders affected by the exploit.

According to the firm, it created a caller ankrBNB token that was aboriginal airdropped to affected holders. It added that it was moving to hole the harm to Helio (aBNBc borrowing platform) by re-stabilizing the terms of the HAY stablecoin.

Following the exploit, HAY stablecoin depegged due to the fact that a trader profited $15 cardinal from the situation. The trader borrowed astir $16 cardinal HAY stablecoin from its excavation against 10 BNB due to the fact that the level had failed to update the terms of Ankr-related tokens.

Ankr said it would proceed purchasing the HAY stablecoin until it returns to peg. As of property time, the stablecoin was trading for $0.998143.

The station Ankr reveals ‘former squad member’ carried retired hack connected protocol successful aboriginal December appeared archetypal connected CryptoSlate.