While the investigation is still ongoing, the case is rapidly evolving. So far, the ABNBC token has lost over 99% of its value.
DeFi Anker Protocol has reported a breach by a hacker that has resulted in unlimited mining of its token aBNBc. After creating six quadrillion coins, the attacker exchanged 20 trillion ABNBC for BNB.
On-chain analysis firm LookOnChain noted that the attacker used a combination of Uniswap, Tornado Cash, and multiple bridges to swap BNB and obtain $5 million. usdc,
How was the number violated?
According to blockchain security firm Beosin, hackers exploited vulnerabilities in smart contract code and compromised private keys following the most recent Anker upgrade. Using this approach, the attacker created a token without any form of verification.
Peckshield was the first discover attack. within an hour, also the marks Confirmed attack and announced that it would cooperate with exchanges to stop trading with the coin.
The DeFi protocol assures all its users that other assets on Anker staking remain safe while the rest of its infrastructure remains unaffected.
Is this the end of ABNBC?
While the investigation is still ongoing, the case is rapidly evolving. So far, the coin has lost over 99% of its value. aBNBc is currently trading at only $1.52 after the removal of almost all liquidity on PancakeSwap and AppsSwap.
As a result, Anker has called on liquidity providers to remove all their liquidity from the dex. It also noted that it is in contact with the dex to block any trades from that point. To allay fears, the firm said it would draw up a plan to compensate affected users. “We will re-issuance tokens in the future after assessing the situation.” concluded this.
Meanwhile, also an opportunistic trader redeemed exploitation, tapping Helio to convert 10 BNB into 15.5 million BUSD, which did not have an up-to-date price on ABNBc after the crash. Furthermore, the trader used the pre-crash price of ABNBc to borrow $16 million in the HAY stablecoin and then convert it into BUSD.
As a result, the HAY stablecoin lost its peg, falling to 20 cents. Token is now in recovery. At the time of writing, it was back up to $0.64, according to coinmarketcap,
A seasoned writer with practical experience in the Fintech industry. When not writing, he spends his time reading, researching or teaching.
Bitcoin Crypto Related Post