The DeFi protocol Ankr has suffered a cyber-attack. A hacker managed to mint trillions of the reward-bearing token for BNB (aBNBc), which he later converted to BNB and later to USDC.
Unfortunately, hacks are common
At first, Peckshield found out about the manipulation. They then brought it to the attention of the recipient. Since then, swift steps have been taken to contain the aftermath of the hack.
According to statistics, aBNBc has no value anymore and Ankr has confirmed that they are on top of the situation.
Cryptocurrency related hacks are unfortunately common. Many members of the crypto community are notorious for stating that the easiest way to get rich in the crypto space is through hacking or manipulation.
Affected users will be compensated
The hacker reportedly found a vulnerability in the code that could be exploited in such a way that unlimited tokens could be mined.
According to Peckshield, the hacker managed to get rid of 20 trillion Ankr (aBNBc), which he could then exchange for BNB tokens. The hacker then exchanged these BNB tokens for USDC. In the meantime, the hacker tried to cover his trail.
It is worth noting that the Ankr team is fully aware of the situation and has indicated that affected users will be compensated.
In addition, it is also worth mentioning that Binance has currently stopped the recordings of Ankr and Hay given the situation. Binance has frozen approximately $3 million in funds transferred to the exchange by the hackers. The exchange has since been praised for its actions and looking out for smaller companies in the crypto industry.