When the BNB Chain-based protocol Ankr was exploited and a hacker dumped Ankr Reward Bearing Staked BNB (aBNBc) tokens, a dealer took benefit of the value discrepancies and turned $2,879 into $15.5 million.
As beforehand reported by Cointelegraph, safety agency Beosin instructed that the multimillion-dollar exploit could have come from vulnerabilities within the sensible contract code and compromised non-public keys resulting from a technical improve. After the hacker minted and dumped 20 trillion aBNBc tokens, the value of aBNBc considerably dropped.
As this occurred, a dealer reacted shortly and took benefit of a chance. Going by on-chain information, evaluation platform Lookonchain not too long ago shared how a dealer allegedly managed to achieve $15.5 million by making their method by the Helio Protocol platform. Based on Lookonchain, the dealer purchased 183,885 aBNBc with solely 10 BNB (BNB) after the Ankr exploiter dumped the aBNBc.
After this, the dealer deposited the aBNBc into Helio Protocol and used the funds as collateral to borrow 16 million HAY tokens. Ultimately, the dealer exchanged the HAY for 15.5 million Binance USD (BUSD), incomes a 5,209x revenue from their unique capital.
Aside from losses sustained from the commerce, the exploit could have additionally affected Helio’s whole worth locked. Earlier than the assault, the HAY stablecoin had round $87 million in TVL. Nevertheless, on the time of writing, the decentralized finance information tracker DefiLlama exhibits that HAY now has $0 in TVL.
In an announcement to its group, Helio Protocol assured customers that their belongings had been secure and that each one of their staked BNB is throughout the validators. At current, the protocol has suspended all its features and requested HAY holders to chorus from any transactions.
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After not too long ago asking decentralized exchanges to halt buying and selling, Ankr talked about that will probably be reissuing aBNBc tokens. The platform promised that it’ll assess the scenario and compensate affected customers.
Further particulars:
We’ve got been in contact with the DEXes and instructed them to dam buying and selling. We are going to reissue tokens sooner or later after we assess the scenario.
— Ankr (@ankr) December 2, 2022
In the meantime, crypto trade Binance paused Ankr token withdrawals and froze $3 million price of belongings that the hacker moved to the buying and selling platform.
