Ankr Protocol Becomes Latest DeFi Exploit Victim

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DeFi hack­ers have been busy while all atten­tion is focused on Sam Bankman-Fried’s inter­views. Ankr Pro­co­tol has report­ed an exploit on its platform.

Details are thin on the ground at the moment, but there has been a siz­able exploit on Ankr Pro­to­col. On Dec. 2, the devel­op­ment team report­ed that its aBNB token had been exploit­ed. It added that it was work­ing with exchanges to halt trading.

Ankr also stat­ed that all under­ly­ing assets on Ankr Stak­ing were safe at this time, and all infra­struc­ture ser­vices were unaffected.

Ankr is a web3 infra­struc­ture provider for the BNB Chain ecosys­tem. It is a cloud com­put­ing plat­form that dis­trib­utes idle com­put­ing pow­er. Its native ANKR token can be mined by con­tribut­ing com­put­ing pow­er to the net­work. It also offers a vari­ety of stak­ing and yield-earn­ing options on BEP-20 tokens.

Ankr Unlimited Minting Bug

Blockchain secu­ri­ty firm Peck­Shield report­ed that the smart con­tract for the aBN­Bc token had an unlim­it­ed mint bug.

Fur­ther­more, it report­ed that the Ankr exploiter had trans­ferred 900 BNB worth around $253,000 into Tor­na­do Cash. It had also bridged USDC and ETH to Ethereum, adding that the exploiter cur­rent­ly holds 3,000 ETH (around $3.8 mil­lion) and 500,000 USDC.

The hack­er cur­rent­ly holds 20 tril­lion aBN­Bc, becom­ing the 13th largest hold­er of the token. aBN­Bc is a stak­ing reward token oth­er­wise known as Ankr Reward Bear­ing Staked BNB.

Peck­Shield also report­ed that copy­cat exploits were occur­ring as oth­ers took advan­tage of the vulnerability.

The loss­es have yet to be ful­ly real­ized, but they’re like­ly to be in the mil­lions of dol­lars. Ear­ly esti­mates are around $5 mil­lion gained by hack­ers from wash­ing tokens through var­i­ous bridges and DEXes.

Fur­ther­more, BeIn­Cryp­to report­ed in Octo­ber that BNB Chain was at the top of the cryp­to scam and rug pull list.

ANKR and BNB Prices Slide

Ankr’s native token of the same name lost just 6.6% at the time of the exploit, accord­ing to CoinGecko. ANKR fell to $0.0211 but has since man­aged to recov­er to $0.0213 at the time of press. The token is already 90% down from its April 2021 all-time high of $0.213.

The Binance BNB token dropped 3.1% on the day in a fall to $288. How­ev­er, this is in line with a wider cryp­to mar­ket decline today, as most dig­i­tal assets are in the red at the moment.

Disclaimer

All the infor­ma­tion con­tained on our web­site is pub­lished in good faith and for gen­er­al infor­ma­tion pur­pos­es only. Any action the read­er takes upon the infor­ma­tion found on our web­site is strict­ly at their own risk.



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