NewsletterAnkr Hack: Ankr Plans To Reissue aBNBc And Compensate Users
The Ankr team has revealed further instructions on its response to the latest Ankr protocol hack. Ankr plans to reissue Ankr Reward Bearing Staked BNB (aBNBc) tokens and compensate users affected by the hack. Meanwhile, crypto exchange Binance announced pausing withdrawals of affected crypto tokens and freezing tokens moved to the exchange by exploiters.
Ankr Announces Plan to Reissue aBNBc Tokens
After immediately notifying the crypto community about the hack of its aBNBc tokens, the Ankr team started working with exchanges to immediately suspend trading. Moreover, the team confirmed that all underlying assets on Ankr Staking are safe and infrastructure services remain unaffected.
In the latest set of instructions shared by the Ankr team, it recommends users avoid trading the affected tokens. It asked liquidity providers to remove liquidity from decentralized exchanges and keep the aBNBc tokens.
Ankr plans to reissue the Ankr Reward Bearing Staked BNB (aBNBc) tokens after assessing the situation. The team has been in contact with the decentralized exchanges and suggested blocking trading.
“We have been in touch with the DEXes and told them to block trading. We will reissue tokens in the future after we assess the situation. We are currently drafting a plan and we are committed to compensating affected users.”
Binance Conducts Probe On the Hack
Binance team conducted a probe on the hack of BNB Chain-based DeFi protocol Ankr. Also, Binance CEO Changpeng “CZ” Zhao revealed how a developer’s leaked private key led the hacker to change the smart contract to a vulnerable contract address.
In response to the Ankr hack, Binance CEO Changpeng “CZ” Zhao announced that the crypto exchange has already stopped withdrawals of affected crypto tokens. In addition, he revealed that Binance has also frozen almost $3 million worth of crypto assets that hackers moved to the crypto exchange.
“The original smart contract seems to be ok, but once a hacker gets hold of the dev private key, they updated the smart contract.”‘
Also Read: How Exploiters Made Profit On The Ankr Exploit
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- Tom Lee’s BitMine Keeps Buying ETH, Adds $150M Despite DAT Purchases Crashing 81%
- Ripple Moves Over $101 Million in XRP to Binance, What’s Next?
- BONK Scores Major Win as Team Adjusts Fee Structure to Boost DAT Purchases
- Kalshi, Robinhood and Crypto com Face Cease & Desist Order in Connecticut
- First Chainlink ETF Sees Massive Investor Activity with $41M in Inflows on Launch
- Ethereum Price Reclaims $3,200 as Shark Wallets Accelerate Accumulation
- Dogecoin Price Holds $0.15: Bullish Reversal or Just a Temporary Bounce?
- Sui Price Surges 10% As Vanguard Group Adds SUI to Bitwise 10 Crypto Index
- Bitcoin Price Prediction: Will Next Bull Run Push BTC to $100,000?
- Pepe Coin Price Risks 80% Crash as Alarming Pattern Forms and 6.5T Inflows
- Chainlink Price Surges 20%: What’s Driving Massive Upswing?
