Helio Protocol Repurchase And Burn HAY To Recover Peg

On December 5th, Helio Protocol updated the latest progress of the HAY re-pegging plan, stating that the team has started the process of recovery, and the plan is expected to be completed before December 6.

Previously, after the attack on Ankr’s aBNBc token On December 2, the exploited address exchanged 10 trillion aBNB tokens for 5,500 BNB and 5.34 million USDC (a total of about $7 million), leading to a decrease in HAY to $0.2084. Helio Protocol stated the following day that Ankr may bear the bad debts caused by the hacker attack.

Subsequently, Helio Protocol announced on December 5 that it has already started its peg recovery process for HAY. The team will repurchase the excess HAY in the market and send it to the burn address to make HAY re-pegged, being close to $1 mark.

In addition, Helio Protocol also committed to using its current and future revenues to cover any remaining bad debts. Moreover, Helio Protocol emphasized transparency once more and promised to provide regular updates as it concluded the update. The HAY’s price has recovered to $0.8958 at the press time according to Coinmarketcap.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Website: coincu.com

Thana

Coincu News