March 28, 2023

Bobbys Brane

Bobbys Brane – Business & Tech Blog

Trader allegedly saw over 5,000x gains after Ankr protocol hack By Cointelegraph

1 min read

When the BNB Chain-based protocol Ankr was exploited and a hacker dumped Ankr Reward Bearing Staked BNB (aBNBc) tokens, a trader took advantage of the price discrepancies and turned $2,879 into $15.5 million.

As previously reported by Cointelegraph, security firm Beosin suggested that the multimillion-dollar exploit may have come from vulnerabilities in the smart contract code and compromised private keys due to a technical upgrade. After the hacker minted and dumped 20 trillion aBNBc tokens, the price of aBNBc significantly dropped.

Continue Reading on Coin Telegraph