Not everyone was a loser in the Ankr protocol hack. As the hacker dumped aBNBc tokens, a trader took advantage of price discrepancies to turn $2,879 into $15.5 million. (Reporting via ezrareguerra)
When the BNB Chain-based protocol Ankr was exploited and a hacker dumped Ankr Reward Bearing Staked BNB tokens, a trader took advantage of the price discrepancies and turned $2,879 into $15.5 million.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. As this happened, a trader reacted quickly and took advantage of an opportunity. Going through on-chain data, analysis platform Lookonchain recently shared how a trader allegedly managed to gain $15.5 million by making their way through the Helio Protocol platform. According to Lookonchain, the trader bought 183,885 aBNBc with only 10 BNB after the Ankr exploiter dumped the aBNBc.
After this, the trader deposited the aBNBc into Helio Protocol and used the funds as collateral to borrow 16 million HAY tokens. In the end, the trader exchanged the HAY for 15.5 million Binance USD , earning a 5,209x profit from their original capital. Apart from losses sustained from the trade, the exploit may have also affected Helio’s total value locked. Before the attack, the HAY stablecoin had around $87 million in TVL. However, at the time of writing, the
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