BlockSec’s on-chain investigation reveals that a series of related assaults cost infrastructure provider Ankr and stablecoin producer Helio Protocol a total of $20 million.
The initial hack targeted a liquid staking token product operated by Ankr, resulting in more than $5 million in damages.
Once the attacker had created these tokens, they liquidated and depleted all of their liquidity on BNB Chain’s decentralized exchanges in order to steal more than $5 million. Ankr recognized the vulnerability and said that it was collaborating with exchanges to prevent deposits from addresses associated with the attacker.
As a result of the hacker selling off a huge quantity of aBNBc on decentralized exchanges, the value of the aBNBc coin plummeted by more than 99 percent.
BlockSec noticed that someone purchased about 183,000 aBNBc tokens using 10 BNB ($2,900) on this second occasion.
The attacker was able to borrow $16 million in the HAY stablecoin using a little quantity of aBNBc as collateral since Helio Protocol’s oracle system failed to update aBNBc prices after its quick drop. The hacker lost a huge amount of money when they traded their HAY stablecoin for $15 million in Binance USD (BUSD).
The second hack resulted in $15 million being transferred to the cryptocurrency exchange Binance, according to BlockSec. CEO of Binance, Changpeng Zhao, claims that $3 million has been frozen thus far.
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.