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Gungun Bhatia
Dec 2, 2022
by Gungun Bhatia

DeFi Protocol Ankr Manipulated for Over $5 Million

Ankr

Table of contents

  1. Ankr Manipulated For Multi-Million
  2. Value of aBNBc Coin
  3. Pre-Cash Price of Coin
Due to a fault in its software that enabled endless token minting, the DeFi protocol Ankr, which dubbed itself the first node-as-a-service platform, was the victim of a multi-million dollar hack.

Ankr Manipulated For Multi-Million

The attacker could convert 20 trillion of the quadrillions of aBNBc tokens into BNB and then transfer them to Tornado Cash after minting the tokens. The attacker then exchanged the BNB tokens for 5 million USDC.

Value of aBNBc Coin

According to statistics from CoinGecko, the aBNBc coin has lost approximately 99% of its value. As a consequence, the hacker almost totally drained the liquidity pools on PancakeSwap and ApeSwap.

The DeFi protocol stated that the protocol's committed assets are all currently secure. According to on-chain analyst company Lookonchain, one shrewd trader sought to benefit from the attack and convert 10 BNB ($2,885) into 15.5 million BUSD. The trader accomplished this by using DeFi lending protocol Helio, which lacked the most recent price on aBNBc post-crash.

Pre-Cash Price of Coin

The trader also used the aBNBc pre-crash price to acquire $16 million of the infrequently exchanged HAY stablecoin and convert it to BUSD. The HAY stablecoin has since been knocked off its peg, falling as low as 20 cents, but is presently rising again, with a price of 77 cents, according to CoinMarketCap.

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DeFi Protocol Ankr Manipulated for Over $5 Million
Gungun Bhatia
Gungun is an enthusiastic writer that likes to create content for various aspects of the blockchain and crypto industry. She carries out extensive research and provides readers with informative and high-quality material.

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