The Fallout from the Exploit
In the wake of a shocking exploit that rocked the BNB Chain yesterday, Ankr has taken to its blog to outline its next steps. Users have been left reeling, but the company has assured its community that they’re on top of the situation, aiming to make things right.
Compensating Affected Liquidity Providers
Ankr plans to use $5 million worth of its BNB reserves to compensate liquidity providers impacted by the exploit. The focus will be on individuals caught off guard by the exploit, as those who engaged in speculative trading afterward will not be reimbursed. Sorry, not sorry!
Who Will Get Compensated?
- Liquidity providers on decentralized exchanges (DEXs) affected by aBNBc and aBNBb.
- Those supplying collateral in protocols like Midas and Helio.
As stated in their blog post, “we are only able to compensate LPs caught off guard by the event.” So, if you were trying to game the system after the hack, well, probably best to reevaluate your strategy.
How Did This Happen?
The exploit was enabled by a malicious actor obtaining access to Ankr’s deployer key—like handing over the keys to the kingdom but forgetting to check IDs at the door. The attacker minted an astonishing 60 trillion aBNBb tokens from thin air and managed to swap them into USD Coin (USDC), making a grand escape via Ethereum bridges.
Quick Actions Taken
Reacting swiftly, Ankr transferred the ownership of the compromised contracts to a secure account, which effectively blocked further exploitation. Their validators and API services remained untouched, but swift action was critical.
Current Status of aBNBc and aBNBb
It’s important to note that the current versions of aBNBc and aBNBb will no longer be redeemable for BNB. Ankr plans to take a snapshot of user balances prior to the exploit, ensuring that compensation reflects what users had before disaster struck. So, if you love your tokens, now might be a good time to hold on tight!
A Word of Caution
Traders are advised against any activity involving aBNBc or aBNBb until further notice. Ankr has already alerted DEXs to halt trading for these tokens and will be issuing new tokens post-snapshot based on pre-exploit balances. For those looking to engage in liquid pools, the advice is clear: remove your aBNBc and aBNBb tokens right away and safeguard them in your wallets. You know, the safe place, like that drawer in your kitchen where all the random things go.
Final Thoughts
While Ankr has a long way to go to restore full trust, they have taken steps to mitigate damage and compensate those truly affected by the exploit. In the crypto world, it’s always a rollercoaster, isn’t it? Buckle in, folks!
