Ankr, a decentralized finance protocol that’s primarily based on BNB Chain, has been exploited, in line with a Friday announcement.
The attacker managed to create a large variety of Ankr Reward Bearing Staked BNB (aBNBc) tokens.
In line with blockchain safety agency PeckShield, the aBNBc token contract has an infinite mint bug.
The value of the token has collapsed by almost 100% following the exploit.
The attacker has already transferred among the stolen funds to Twister Money, a decentralized cryptocurrency tumbler. A portion of the ill-gotten crypto has been bridged through Celer and deBridgeGate, PeckShield says.
As per Lookonchain, an on-chain analytics agency, the hacker has already made off with roughly $10 million value of USD Coin (USDC) tokens.
Ankr’s liquid staking function allowed customers to deposit BNB tokens to acquire their wrapped model. The protocol features as a cloud computing platform
Binance has already addressed the hack, claiming that it’s at present working with related events to be able to examine the incident. The alternate has assured its customers that their funds are protected.
In October, Binance’s BNB chain was quickly suspended after struggling a $570 million hack.