Following the exploitation of Ankr protocol, a trader has allegedly profited from the price variations with over 5000x gains that helped to transform $2,879 into $15.5 million.
Security company Beosin suggested that the multi-million dollar hack would have resulted from flaws in the smart contract code and stolen private keys as a result of a technological update. The price of aBNBc was then sharply reduced as a result of the hacker creating and dumping 20 trillion aBNBc tokens.
A trader saw this happening and responded immediately to seize the moment. Analysis platform Lookonchain recently revealed how a trader reportedly made $15.5 million by passing via the Helio Protocol platform by using on-chain data.
After the Ankr exploiter dropped aBNBc, the trader purchased 183,885 of them using merely 10 Binance coins, according to Lookonchain.
The trader then placed the aBNBc into Helio Protocol and borrowed 16 million Helio Protocol (HAY) tokens using the money as security. The trader ultimately received 15.5 million Binance USD (BUSD) in return for HAY, making a 5,209 times profit on their initial investment.
In addition to the trading losses, the exploit may also have had an impact on the entire locked value of the Helio platform (TVL). The HAY stablecoin had around 87 million TVL in it before the hack. DeFiLlama, a data aggregator for decentralized finance (DeFi), reports that HAY currently has $0 TVL as of the time of writing.
Helio Protocol informed users in a message to its community that their assets are secure and that all of their staked BNB is present in the validators. The protocol is now inactive, and it has urged HAY holders to halt all transactions.
Ankr protocol has announced that it would be reissuing aBNBc coins after recently requesting that decentralized exchanges (DEXs) stop the trade. The site made a commitment to evaluate the circumstance and reimburse impacted consumers.
Binance, a cryptocurrency exchange, halted Ankr token withdrawals and put a $3 million freeze on the hacker’s transferred assets.
