- Ankr was exploited to create a huge number of cryptocurrencies. aBNBc token
- This exploit caused traders to distribute significantly aBNBc and other BNB coin staking derivatives
During early trading hours on December 2nd, DeFi protocol Ankr was hit with an exploit that led to the excessive issuance of aBNBc tokens on its staking platform.
aBNBc is a derivative of the BNB coin available to users. Ankr’s liquid staking feature allows you to deposit BNB coins into a liquid staking smart contract and receive aBNBc in return.
read binance coin [BNB] Price Forecast 2023-2024
How did the exploit occur?
According to the on-chain analytics company look on chain, an abuser stole Ankr Deployer’s key, issued 10 trillion aBNBc, and sent it to himself. By controlling the stolen keys, he transferred his 1.125 BNB to his address for gas bills and then began dumping his aBNBc.
Abusers used PancakeSwap to exchange minted aBNBc tokens for USDC and BNB. He deposited his BNB tokens into Tornado Cash and all his USDC he cross-chained to Ethereum and exchanged for the same.
A large aBNBc swap on PancakeSwap has significantly reduced the decentralized exchange (DEX) aBNBc liquidity pool.
The dumping of aBNBc caused its price to drop significantly within hours. According to data from CoinMarketCap, the price of the token has fallen by 99.5% in the last 24 hours. Volume increased by 14,182.19% over the same period, indicating a serious ongoing aBNBc distribution.
While only aBNBc was exploited, other derivatives of BNB coins obtained via BNB staking have seen significant sales since Ankr’s exploits.
For example, the Stader Labs BNBx price has fallen 4% in the last 24 hours. However, the trading volume, according to the data, he increased by a whopping 14416.99%. coin market capitalizationThis price/volume divergence indicated that sellers were trolling the market.
Another BNB derivative, stkBNB, obtained by staking BNB on pSTAKE, a liquid staking protocol, also shows price/volume divergence. At the time of writing this article, the trading volume increased by 4123.69% while the price fell by 2%. coin market capitalization Indicated.
Lookonchain also found that traders can profit from exploits by dumping Deposit 183,885 aBNBc and 10 BNB into Helio Money and borrow 16 million HAY. He then sold his 16 million HAY to receive his 15.5 million BUSD.
1/ Create 15.5M SmartMoney $BUSD at 10 $BNB!
Bought 183,885 aBNBc in just 10 after Ankr Exploiter dumped aBNBc. $BNB($2,879).
Then 183,885 aBNBc @heliomoney 16M borrowed as collateral $ hey.
16M sold in the end $ hey and get 15.5M $BUSD. pic.twitter.com/Z72t1JG78t
— Lookonchain (@lookonchain) December 2, 2022
BNB did not spare
At the time of writing, BNB was trading at $289.37. Its price has fallen 3% in the last 24 hours, according to data from CoinMarketCap.You can also look at the price/volume divergence and Volume increased by 26% over the same period.
On the 4-hour chart, Binance Coin was significantly oversold. The Relative Strength Index (RSI) and Money Flow Index (MFI) were found at 38 and 25 respectively.