Hot Development: These 2 Altcoins Crashed With Hack Attack!

Web3 infrastructure platform Ankr faced a major exploit earlier today.

Hot Development: These 2 Altcoins Crashed With Hack Attack!
Hot Development: These 2 Altcoins Crashed With Hack Attack!

Web3 infrastructure platform Ankr faced a major exploit earlier today. It turned out that the hacker stole millions of dollars from the platform. According to initial details, the hacker reportedly minted 10 trillion Ankr Reward Bearing Staked BNB (aBNBc). Meanwhile, the altcoin price fell. Here are the details…

DeFi protocol suffered a hack

DeFi protocol Ankr, which calls itself the first “node-as-a-service” platform, received a multi-million dollar dollar bill due to a bug in its code that allowed unlimited printing of the token. was subjected to abuse. According to security research firm PeckShield, the code behind the Ankr contract allows any user to mint unlimited amounts of the protocol's reward-bearing staking tokens without any verification. This allowed the attacker to mint as many as six quadrillion of the aBNBc token.

Previously, BNB Chain launched liquid staking through Ankr. This allowed users to earn interest by allocating BNB tokens to the liquid staking contract while acquiring aBNBc. The reason behind the exploit could be a vulnerability in the smart contract or a compromise in private keys. Citing data from DeBank, crypto reporter Colin Wu reported:

0x8d… Ankr exploited the vulnerability, used 10 BNB to exchange 183,384.92 aBNBc and then converted it to hBNB. He invested it in Helio Protocol and traded it to HAY0 to overpay $16 million in BHAY0. Stablecoin HAY dropped to $0.2.

ANKR confirms hack

Web3 infrastructure platform Ankr has confirmed that it has been hacked in its latest tweets. ANKR's tweet stated that "aBNB token has been abused". He also added that they are working with exchanges to stop trading. Stating that the assets in Ankr Staking are safe, the project stated that other infrastructure services are not affected by the situation.

This year, there were major hacks that lost billions of dollars in investor funds. These exploits have become quite evident in the decentralized finance (DeFi) market. As Coinzigzag.com also reported, in October, $100 million worth of Binance Coins were stolen after the BNB Chain hack. That same month, Solana-based decentralized finance (DeFi) protocol Mango Markets fell victim to an attack, losing $100 million.

Altcoin price plunges

Ankr is a web3 for the BNB Chain ecosystem infrastructure provider. It is a cloud computing platform that distributes idle computing power. The native ANKR token can be mined by supplying computing power to the network. It also offers various staking and earning options in BEP-20 tokens. Currently, ANKR has dropped from $0.228 to $0.2086. The coin has lost 5 percent in the last 24 hours.