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Exploiting the Web 3 infrastructure platform “Ankr” and stealing digital currencies worth millions!

Exploiting the Web 3 infrastructure platform “Ankr” and stealing digital currencies worth millions!

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Answer Exploiting the Web 3 infrastructure platform “Ankr” and stealing digital currencies worth millions!

Web3 infrastructure platform Ankr has faced a massive exploit in the past hours, with a hacker reportedly exploiting the platform and stealing millions of dollars.

According to early details, the hacker reportedly mined 10 trillion Ankr Reward Bearing Staked BNB (aBNBc).

aBNBc is a reward-bearing digital token for BNB available on the Ankr protocol.

Details show from bscscan Ankr exploit converted 900 BNB into Tornado Cash.

Earlier, BNB Network launched a liquidity storage function via Ankr.

This allowed users to earn interest by allocating BNB tokens to the staking agreement.

After the exploit and hack, aBNBc’s price dropped by 99.5%.

Read:One of the advantages of Bitcoin…transfer 1 billion dollars in 10 minutes and with a fee of 84 dollars

A security vulnerability in the smart contract or a compromise in the private keys could be the reason behind the exploit.

Citing data from DeBank, crypto journalist Colin Wu said:

0x8d… took advantage of the Ankr vulnerability, used 10 BNB to exchange 183,384.92 aBNBc, then converted it to hBNB and combined it into the Helio protocol to lend over $16M of BHAY0 and exchange it for HAY0.

The HAY stablecoin fell to $0.2.

Ankr confirms the exploit:

In their latest tweet, web3 infrastructure platform Ankr acknowledged that the exploit occurred.

And they wrote to the effect:

Our aBNB token has been exploited and we are currently working with cryptocurrency exchanges to stop trading immediately.

All underlying assets in the Ankr stake are safe at this time, and all infrastructure services are unaffected.

This year has seen a massive influx of cryptocurrency exploits with billions in investor funds being lost.

These loopholes have been very prominent in the decentralized finance (DeFi) market.

Read:Bitcoin price stabilized at $16,800, with its dominance over altcoins declining

In October, $100 million worth of Binance coins were stolen in a cross-bridge attack linking BNB Beacon Chain (BEP2) and BNB Chain (BEP20 or BSC).

In the same month, Mango Markets, a decentralized finance protocol running on the Solana blockchain, suffered a hack and lost $100 million.

Read also:

Crypto project Chainlink announces the launch date for its staking service

Coinbase Explains Why NFT Transactions Are Crashing On Apple Devices!


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