Ankr Confirms Hack, Asks for An Immediate Trading Halt

Author: Sohrab Khawas

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    Ankr, a Web3 infrastructure platform, was the target of a major exploit earlier today. It’s been alleged that the hacker made millions of dollars off the platform by generating 10 trillion Ankr Reward Bearing Staked BNB (aBNBc).

    Ankr is a provider of web3 infrastructure for the BNB Chain ecosystem. It is a platform for cloud computing that distributes surplus computing power. By giving processing power to the network, its native ANKR token can be mined. Additionally, it provides numerous staking and yield-earning opportunities for BEP-20 tokens.

    Disaster Strikes 

    The aBNBc token’s smart contract had an “unlimited mint bug,” according to a report from blockchain security company PeckShield. The Ankr exploiter transferred the 900 BNB into Tornado Cash for approximately $253,000. The exploiter currently holds 3,000 ETH (roughly $3.8 million) and 500,000 USDC. 

    Having acquired 20 trillion aBNBc, the hacker is now the token’s 13th-largest holder. Ankr Reward Bearing Staked BNB is another name for aBNBc, a staking reward token.

    At the moment of the exploit, Ankr’s native token decreased by 6.6%. It dropped to $0.0211 but managed to bounce back to $0.0213. From its all-time high of $0.213 in April 2021, the token has already dropped by 90%.

    The Crypto Community Reacts 

    The crypto community has had a mixed reaction to this. Some suggest that quick action should be taken to fix this mess, while a lot of others are feeling unsafe about their investments. However, the collective feeling is one of hope- they wish ANKR would quickly recover from the exploit. 

    The Binance BNB coin fell to $288, a 3.1% decline. However, given that the majority of digital assets are currently down, this is consistent with a larger collapse in the cryptocurrency market.

    The cryptocurrency exchange Binance said that its staff is working with the necessary parties to look into the situation in greater depth and confirmed that the user’s funds are not in danger. Additionally, the exploiter’s wallet address has been blacklisted, according to the BNB Chain Twitter page.

    The situation comes amid a time of rampant chaos in the cryptocurrency market- causing more and more people to lose their faith and trust in the industry. 

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