- The Ankr team has completed the purchase of 6,843,323 HAY on decentralized exchanges (DEX) out of 17,747,582 HAY of accumulated bad debts.
- Almost a week later, the Ankr team announced they had burned 6,000,000 HAY. This is the first burn to Helio Bad Debt Burn Address.
In response to the recent attacks on the Ankr network, the company has announced a compensation program for owners of the affected liquidity staking BNB token aBNBc. According to the announcement, for each specific blockchain snapshot, $15 million has been set aside for distribution to affected DeFi BNB liquidity providers, BNB lenders, and DeFi protocol users.
In an update on December 2nd, Ankr’s security team confirmed that a recent hack resulted in a loss of around 5 million BNB. Meanwhile, the company announced that it is working closely with centralized and decentralized exchanges to halt the liquidation of excess aBNBc.
2 Dec 2022 (2 Dec 2022 12:43:18:00 +UTC – block number: 23545403),
Ankr Announces Master Recovery Plan for Lost aBNBb
The Ankr team has been working closely with other DeFi protocols over the past few weeks to stabilize the ecosystem amid the ongoing bear market. Additionally, the Ankr team does not want a scenario similar to FTX and FTT tokens.
According to reports, the Ankr team has completed the purchase of 6,843,323 HAY on decentralized exchanges (DEX) out of 17,747,582 HAY of accumulated bad debts. As such, the underlying value of Destablecoin HAY (HAY) traded at around $0.947933 on Thursday, up around 1.7%.
Almost a week later, the Ankr team announced they had burned 6,000,000 HAY. This is the first burn to Helio Bad Debt Burn Address. As a result, the Helio team said it would buy back his surplus HAY and send it to the barn address.
Notably, Helio Protocol’s TVL was around $90 million before the Ankr hack. With this, Helio has already bought back his $3 million worth of bad debts of his HAY on the open market.
In a plan to refund Wombat stkBNB Liquidity Providers (LPs), Ankr has reached a bilateral agreement to airdrop 2,654.352 ankrBNB and 681.051 stkBNB with pStake. With this, the company hopes to partially cover the loss of Wombat’s stkBNB liquidity provider.
Ankr says it will provide 100% coverage of BNB Wombat LP estimated at 14,407.155 BNB before Christmas to preserve Wombat’s business trust.