Ankr Protocol confirmed today via their Twitter handle that its aBNB token had been exploited. According to data from BscScan, a blockchain explorer, the hacker minted over $4 billion of Ankr-wrapped BNB ($aBNBc). The firm is working with exchanges to halt all trading activities. Ankr also stated that underlying assets were secure, and all other services remained unaffected.
PeckShield, a blockchain security firm, analyzed the exploit and discovered the smart contract had an unlimited mint bug, which allows any user to mint an infinite number of tokens within a protocol. This bug usually devalues the worth of a token. The hacker was able to mint 20 trillion aBNBc on the chain. PeckShield also revealed that the hacker had transferred 900 $BNB tokens into Tornado Cash and bridged $USDC and $ETH to Ethereum. As a result of this hack, the token has lost more than half of its value.
Ankr Protocol is a Web3 firm that provides node infrastructure, decentralized finance (DeFi), and staking services to builders and network participants. It was founded in 2017 by Chandler Song, Stanley Wu, and Ryan Fang. Ankr supports over 40 blockchain protocols for staking and development, including Avalanche (AVAX), Polkadot (DOT), BNB Smart Chain (BNB), and others. At press time, Ankr had yet to issue an official statement on how it plans to mitigate the effects of the hack.
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