February 5, 2023

Ankr hack. In a few minutes into dollar millionaires.

Funny stories from the world of crypto. The other day there was a hacking of the aBNBc token from a provider of decentralized Ankr infrastructure.The hacker stole private keys from the developer, then issued several trillion new tokens (before that, the token corresponded to 1 to 1 BNB ~$300), and sold them to liquidity pools on decentralized exchanges. Ankr himself estimated the damage from these actions at no less than $5 million. Well, hacking is like hacking, it happens. However, something else is interesting here.

Another wallet (perhaps a random user,perhaps an acquaintance of the hacker?) at the same time discovered an interesting bug in another Helio Money project. There, it was possible to borrow their native stablecoin HAY (which was pegged 1 to 1 to USD) against the security of the aBNBc token. Next, we follow the hands: a person takes his 10 BNB ($3,000) and buys 183,885 aBNBc with them (the price of which at this moment, after the actions of the hacker, is already approximately 0). He pledges these 183,885 aBNBc as collateral with Helio Money (the system accepts them at a price equivalent to BNB ~$300) and borrows 16 million HAY stablecoins. Further, 16 million HAY are exchanged for 15.5 million BUSD (more stable stablecoins). Actually everything, the curtain, the concert is over.

Now Ankr, along with more than a dozen partnersthey calculate losses, it seems like a large company and promise to compensate everyone (but this is not accurate). The HAY stable has untied the dollar before clearing up and is trading at around $0.8. Affected liquidity pools are temporarily closed. Accidentally or not, this happy owner of $ 15.5 million was there is unknown. My telegram channel.
Ankr hack. In a few minutes into dollar millionaires.