Hacker Exploits aBNBc Token

A hacker exploited a bug in Ankr Protocol’s aBNBc code to mint trillions of aBNBc tokens and made off with roughly $15 million USD. 

The hack used clever coordination of key seizure, Tornado Cash, cross-chain bridging, and more to pull off the stunt. 

The blockchain security protocol PeckShield confirmed to have found an unlimited mint bug in the aBNBc code. The hacker exploited the bug, swapping the 6 quadrillion tokens for just 10 BNB and dropping the aBNBc price 50%.

The Hacker then after some clever maneuvering, the exploiter deposited the aBNBc on Helio as collateral to borrow 16M HAY tokens. The Hacker ultimately sold the HAY tokens for $15.5M BUSD on 1inch.

The Ankr team confirmed that the hacker only made off with around $5M USD in total from its protocol and is going to work closely with Helio to help ameliorate the situation. 

Helio has confirmed that it is working with Ankr to help re-peg its token and repay the debt from the event. Ankr will enter a bilateral agreement with Helio buy back an excess HAY tokens and coordinate recovery.

Binance CEO, Changpeng Zhao (CZ), confirmed that Binance was aware of the exploit through his Twitter account. CZ wrote that Binance paused withdrawals and was able to freeze funds being re-routed by the attacker through the centralized exchange. 

What is Ankr Protocol: 

Ankr is a decentralized Web3 infrastructure for a better Web3 world.  The protocol provides the most powerful multi-chain toolkit to access blockchain infrastructure, earn yields, and integrate DeFi solutions.

Where to find Ankr Protocol: 

Website | Twitter | Telegram 

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What is Helio Protocol:

Helio Protocol is a decentralized over-collateralized lending and liquid staking platform on the BNB chain. HAY is the protocol’s native destablecoin over-collateralized by BNB and is redeemable for US $1 worth of BNB. Its use cases include borrowing HAY at a collateral ratio ~152% (~66% LTV) by depositing BNB as collateral on the protocol, liquidity mining on LP DEXes, a means of payment to transfer value for goods & services.

To learn more about Helio Protocol, visit the following links:

Twitter | Discord | Telegram | Website | Whitepaper