DeFi protocol Ankr to buy US$5 mln of BNB to cover funds lost in exploit

Decentralized finance (DeFi) protocol Ankr will purchase US$5 million really worth of BNB – the token of cryptocurrency trade Binance – to compensate liquidity suppliers influenced by Friday’s exploit.

See similar article: Twitter consumer stops 200 billion BitBTC bridge exploit, highlighting big vulnerability

Rapid info

  • Ankr, a Website 3. infrastructure provider and staking system, professional an exploit on Friday when the perpetrator allegedly minted 6 quadrillion aBNBc tokens – a token that signifies staked BNB on the platform – by having gain of an infinite mint bug
  • Binance CEO Changpeng Zhao claimed the trade halted withdrawals for accounts similar to the Ankr exploit and froze about US$3 million well worth of electronic belongings.
  • Ankr will concern ankrBNB tokens to impacted aBNBc holders. “The ankrBNB token will continue on to be redeemable, although aBNBc and aBNBb will no for a longer period be redeemable,” reported Ankr.
  • Selling prices of aBNBc and aBNBb – tokens with values that are meant to be pegged to BNB – have fallen to nearly zero. 
  • Ankr reported the exploit resulted in some US$5 million worth of BNB in losses.
  • The Ankr exploiter has started transferring the funds to crypto mixing system Twister Cash, blockchain safety firm Peckshield claimed.

See relevant short article: Are blockchains considerably less secure than at any time? 

Jennifer R. Kelley

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