Over $5 Million Stolen From Ankr Protocol, Binance Pauses Withdrawals

Another multi-million dollar hack has hit the field of decentralized finance. The latest victim is the BNB Chain-based DeFi protocol – Ankr. Initial reports indicate that a vulnerability was exploited in its code that allowed unlimited tokens to be mined.

He immediately confirmed the attack, adding that he had reached out to other decentralized exchanges and urged them to block trading. Tokens will be re-issued after the evaluation of the situation is completed.

  • The attack was first detected by blockchain analytics firm PeckShield as early as December 2. The open The developer can mint 20 trillion Ankr Reward Bearing Staked BNB (aBNBc), a BNB token pinned to the protocol.
  • The miner mined quadrillion aBNBc coins, 20 trillion of which were exchanged for BNB.
  • Several services, such as Uniswap, the controversial cryptocurrency mixer Tornado Cash, as well as bridges, have been used to hide the trail of ill-gotten money. The BNB tokens were then exchanged for $5 million USD.
  • Data from CoinGecko shows that aBNBc lost all of its value after the token was dropped from liquidity pools on PancakeSwap and ApeSwap.
  • Anker issued a statement assuring the community that:

“All underlying assets on Ankr Staking are currently secure, and not all infrastructure services are affected. We are currently working on a plan and are committed to compensating affected users.”

  • Addressing the hack, Binance CEO Changpeng “CZ” Zhao He said The cryptocurrency exchange has temporarily stopped withdrawals.
  • The executive also added that Binance has frozen about $3 million in funds that the hackers transferred to the platform.

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