BNB Chain-based protocol Ankr turns into the most recent goal of a DeFi exploit. The exploiter attacked the aBNBc smart contracts on the Ankr protocol and minted 10 trillion Ankr Reward Bearing Staked BNB (aBNBc). Data from on-chain analytics protocols and blockchain safety corporations revealed how hackers exploited Ankr for multi-million {dollars}.
As a end result, Ankr protocol’s ANKR token fell over 5% in just some hours. The worth at the moment trades at $0.02154, with the potential for one other plunge.
Ankr Becomes Latest Target of DeFi Exploit
Ankr protocol on December 1 announced a technical improve associated to all reward-bearing tokens and reward-earning tokens.
Blockchain safety agency Beosin revealed that the deployer modified the implementation contract to the weak contract tackle earlier than the assault. The blockchain safety agency believes the deployer’s non-public key was most certainly uncovered on this improve, making the attacker entry deployer privileges to switch the contract.
The attacker then known as mintApprovedTo perform. After decompiling knowledge, Becosin finds no permission checks of the mintApprovedTo perform, permitting anybody to mint tokens.
Ankr exploiter had transferred 900 BNB value round $253,000 into Tornado Cash. It had additionally bridged USDC and ETH to Ethereum, including that the exploiter at the moment holds 3,000 ETH (round $3.8 million) and 500,000 USDC.
According to Lookonchain, Ankr exploiter dumped aBNBc and bought 183,885 aBNBc with simply 10 BNB. It brought about the worth of aBNBc to fall 99.5% from $303.89 to $1.53 in a number of hours.
Later, the attacker deposited 183,885 aBNBc into Helio Money as collateral and borrowed 16 million HAY. Ultimately, the attacker offered 16 million HAY and get 15.5 million BUSD.
ANKR Price Plunges After the Hack
As a results of the hack and aBNBc falling 99%, the Ankr protocol’s native token ANKR additionally fell over 5%. In the final 24 hours, the ANKR token has made a high and low of $0.02086 and $0.02286.
At the time of writing, the ANKR worth has elevated barely, with the value buying and selling at $0.02152. The buying and selling quantity has jumped on account of the hack.
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