Helio Protocol In Negotiation With HAY Exploiter

Stablecoin protocol Helio is coming to a potential deal with HAY exploiter.

The protocol said on Twitter that it’s currently in negotiation with the HAY exploiter for a potential deal. More information will be published once a settlement has been reached.

As Coincu reported, a hacker exploited weaknesses in Ankr’s smart contract code and compromised private keys during a technological update, resulting in a series of seemingly unconnected occurrences.

As a result, the hacker created 20 trillion Ankr Reward Bearing Staked BNB (aBNBc), which was tied to BNB, and dumped them, causing the price of aBNBc to plummet from roughly $300 to $2.

However, a trader then took advantage of the alleged hard-coding of fixed prices on Helio Protocol between aBNBc and BNB. The trader purchased 183,885 aBNBc with only 10 BNB and used it as collateral to borrow 16 million HAY, which was subsequently exchanged for 15.5 million BUSD, achieving a profit of over 5,200x their initial investment.

Helio previously stated in a tweet that it had purchased $3 million in bad debt in HAY on the open market.

In addition, the protocol is in the process of integrating with ankrBNB, Ankr’s new BNB liquid staking token that will be launched soon.

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Harold

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