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Exploit Confirmed on Ankr Protocol, Helio Money Faces Windfall
December 3, 2022
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Attacker gets upwards of $15M and leaves a scathing hole across to notable BNB Chain protocols.
Hacker Exploits aBNBc Token
A hacker exploited a bug in Ankr Protocol’s aBNBc code to mint trillions of aBNBc tokens and made off with roughly $15 million USD.
The hack used clever coordination of key seizure, Tornado Cash, cross-chain bridging, and more to pull off the stunt.
The blockchain security protocol PeckShield confirmed to have found an unlimited mint bug in the aBNBc code. The hacker exploited the bug, swapping the 6 quadrillion tokens for just 10 BNB and dropping the aBNBc price 50%.
The Hacker then after some clever maneuvering, the exploiter deposited the aBNBc on Helio as collateral to borrow 16M HAY tokens. The Hacker ultimately sold the HAY tokens for $15.5M BUSD on 1inch.
The Ankr team confirmed that the hacker only made off with around $5M USD in total from its protocol and is going to work closely with Helio to help ameliorate the situation.
Helio has confirmed that it is working with Ankr to help re-peg its token and repay the debt from the event. Ankr will enter a bilateral agreement with Helio buy back an excess HAY tokens and coordinate recovery.
Binance CEO, Changpeng Zhao (CZ), confirmed that Binance was aware of the exploit through his Twitter account. CZ wrote that Binance paused withdrawals and was able to freeze funds being re-routed by the attacker through the centralized exchange.
What is Ankr Protocol:
Ankr is a decentralized Web3 infrastructure for a better Web3 world. The protocol provides the most powerful multi-chain toolkit to access blockchain infrastructure, earn yields, and integrate DeFi solutions.
Where to find Ankr Protocol:
What is Helio Protocol:
Helio Protocol is a decentralized over-collateralized lending and liquid staking platform on the BNB chain. HAY is the protocol’s native destablecoin over-collateralized by BNB and is redeemable for US $1 worth of BNB. Its use cases include borrowing HAY at a collateral ratio ~152% (~66% LTV) by depositing BNB as collateral on the protocol, liquidity mining on LP DEXes, a means of payment to transfer value for goods & services.
To learn more about Helio Protocol, visit the following links:
Twitter | Discord | Telegram | Website | Whitepaper
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Related News
PancakeSwap v3 Launches on BNB Chain’s Layer2 Network, opBNB
September 28, 2023
The launch of PancakeSwap v3 on opBNB promises users enhanced transaction speeds, reduced fees, and an overall improved trading experience.
On September 28, PancakeSwap Decentralized Exchange (DEX) announced the launch of PancakeSwap v3 on BNB Chain’s Layer2 network, opBNB. The announcement was made official through a post on its official X account and shared details via its blog.
According to the protocol’s blog, the new PancakeSwap v3 on opBNB promises traders and liquidity providers a host of benefits. These include the opportunity to trade with reduced fees, enjoy increased returns, and experience enhanced capital efficiency. Further, the Layer2 network ensures these advantages are delivered with high throughput and minimal gas fees.
opBNB, which powers this new integration, is built on the bedrock version of Optimism’s OP stack. It stands out as a swift Layer2 solution within the BNB Chain ecosystem.
Addressing the Layer1 Limitations
One of the significant challenges with numerous Layer1 blockchains has been handling high transaction volumes. With the introduction of opBNB on PancakeSwap, this issue is addressed.
The opBNB network boasts the capacity to handle over 4,000 Transactions Per Second (TPS). Additionally, it offers a minimal gas fee, which can go as low as $0.005. This ensures improved throughput and scalability for users.
In the words of the DEX, “PancakeSwap on opBNB offers a scalable solution; the opBNB network accommodates over 4,000 TPS and reduces gas fees to under $0.005 for transfers. Users enjoy improved throughput without sacrificing decentralization by offloading processing to Layer 2 while posting data to BNB Smart Chain.”
Expanding the DeFi Space
This recent integration marks opBNB as the sixth Layer2 network to be deployed on PancakeSwap v3. This expansion provides users with a broader range of options in the Decentralized Finance (DeFi) space.
Chef Mochi, the Head Chef of PancakeSwap, shared insights on this development, stating that the integration showcases the DEX’s dedication to promoting widespread adoption and empowering users in the cryptocurrency arena.
“By joining forces with the opBNB, PancakeSwap is pleased to bring users more accessibility and functionality than ever before. Our decision to launch on opBNB reflects our continued commitment to driving mass adoption of DeFi, empowering users, and fostering a vibrant DeFi community,” Mochi said.
The launch of PancakeSwap v3 on opBNB is a significant step forward in the DeFi space, promising users enhanced transaction speeds, reduced fees, and an overall improved trading experience.
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Disclaimer: Overall it is vital to proceed with caution when purchasing tokens that have just been listed. For those who have not already read our articles on safety in the BSC it is crucial to reference the following items, HERE and HERE.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $1500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $1500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
Disclaimer: Overall it is vital to proceed with caution when purchasing tokens that have just been listed. For those who have not already read our articles on safety in the BSC it is crucial to reference the following items, HERE and HERE.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $2500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $2500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
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