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News

Helio Protocol Begins Deployment Of New ankrBNB Token

December 12, 2022 - Around 2 mins mins to read
Helio Protocol has started deploying the new ankrBNB token, which will replace the old aBNBc token.
Helio Protocol Begins Deployment Of New ankrBNB Token

This ankrBNB token replacement will be delivered to Helio Protocol users with BNB collateral at Block 23545403. Following the completion of this process, consumers can withdraw collateral in either ankrBNB or BNB (in 7-10 days).

Users who previously withdrew aBNBc from Helio Protocol following the exploit will be able to do so again and will be able to pick between receiving ankrBNB instantaneously or BNB in 7-10 days.

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.

Helio Protocol Begins Deployment Of New ankrBNB Token

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 Protocol Begins Deployment Of New ankrBNB Token

The protocol said on Twitter that it’s currently in negotiation with the HAY exploiter for a potential deal.

It will update the community when this process is complete.

An internal evaluation will be completed before Helio Protocol activities may continue. This is done to safeguard the safety and security of the user.

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

Harold

Coincu News

aBNBc

AnkrBNB

BNB

BUSD

HAY

Helio Protocol

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Author

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.
News

Helio Protocol Begins Deployment Of New ankrBNB Token

Helio Protocol has started deploying the new ankrBNB token, which will replace the old aBNBc token.
Helio Protocol Begins Deployment Of New ankrBNB Token

This ankrBNB token replacement will be delivered to Helio Protocol users with BNB collateral at Block 23545403. Following the completion of this process, consumers can withdraw collateral in either ankrBNB or BNB (in 7-10 days).

Users who previously withdrew aBNBc from Helio Protocol following the exploit will be able to do so again and will be able to pick between receiving ankrBNB instantaneously or BNB in 7-10 days.

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.

Helio Protocol Begins Deployment Of New ankrBNB Token

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 Protocol Begins Deployment Of New ankrBNB Token

The protocol said on Twitter that it’s currently in negotiation with the HAY exploiter for a potential deal.

It will update the community when this process is complete.

An internal evaluation will be completed before Helio Protocol activities may continue. This is done to safeguard the safety and security of the user.

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

Harold

Coincu News

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