1 year ago
Ankr protocol announced that it volition beryllium reissuing aBNBc tokens, promising that it volition measure the concern and compensate affected users.
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Collect this nonfiction arsenic NFTAs the BNB Chain-based protocol Ankr was exploited and the hacker dumped Ankr Reward Bearing Staked BNB (aBNBc) tokens, a trader took vantage of the terms discrepancies to crook $2,879 into $15.5 million.
As antecedently reported by Cointelegraph, information steadfast Beosin suggested that the multi-million dollar exploit whitethorn person travel from vulnerabilities successful the astute declaration codification and compromised backstage keys owed to a method upgrade. Then, the hacker minted and dumped 20 trillion aBNBc tokens, importantly lowering the terms of aBNBc.
As this happened, a trader reacted rapidly and took vantage of an opportunity. Going done on-chain data, investigation level Lookonchain precocious shared however a trader allegedly managed to summation $15.5 cardinal by making their mode done the Helio Protocol platform. According to Lookonchain, the trader bought 183,885 aBNBc with lone 10 Binance Coin (BNB) aft the Ankr exploiter dumped aBNBc.
After this, the trader deposited the aBNBc into Helio Protocol and utilized the funds arsenic collateral to get 16 cardinal Helio Protocol (HAY) tokens. In the end, the trader exchanged HAY for 15.5 cardinal Binance USD (BUSD), earning a 5,209 times nett from their archetypal capital.
Apart from losses sustained from the trade, the exploit whitethorn person besides affected the Helio platform’s full worth locked (TVL). Before the attack, the HAY stablecoin held astir $87 cardinal successful TVL. However, astatine the clip of writing, decentralized concern (DeFi) information tracker DeFiLlama shows that HAY present has $0 TVL.
In an announcement to its community, Helio Protocol assured users that their assets are harmless and each of their staked BNB are wrong the validators. At present, the protocol suspended each its functions and asked HAY holders to refrain from immoderate transactions.
Related: After FTX: Defi tin spell mainstream if it overcomes its flaws
After precocious asking decentralized exchanges (DEXs) to halt trading, Ankr protocol has mentioned that it volition beryllium reissuing aBNBc tokens. The level promised that it volition measure the concern and compensate affected users.
Additional details:
We person been successful interaction with the DEXes and told them to artifact trading. We volition reissue tokens successful the aboriginal aft we measure the situation.
Meanwhile, Crypto speech Binance paused Ankr token withdrawals and froze $3 cardinal worthy of assets that the hacker moved to the trading platform.
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