Ankr Plans To Reissue aBNBc And Compensate Users – Crypto News – Crypto News
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Ankr Plans To Reissue aBNBc And Compensate Users – Crypto News

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The Ankr team has revealed further instructions on its response to the latest ankr protocol hack, Ankr plans to reissue Ankr Reward Bearing Staked BNB (aBNBc) tokens and compensate users affected by the hack. Meanwhile, crypto exchange Binance announced pausing withdrawals of affected crypto tokens and freezing tokens moved to the exchange by exploiters.

Ankr Announces Plan to Reissue aBNBc Tokens

After immediately notifying the crypto community about the hack of its aBNBc token, the Ankr team started working with exchanges to immediately suspend trading. Furthermore, the team confirmed that all underlying assets on Ankr Staking are safe and infrastructure services remain unaffected.

In the latest set of instructions shared By the Ankr team, it recommends users avoid trading the affected tokens. It asked liquidity providers to remove liquidity from decentralized exchanges and keep the aBNBc tokens.

Ankr plans to reissue the Ankr Reward Bearing Staked BNB (aBNBc) tokens after assessing the situation. The team has been in contact with the decentralized exchanges and suggested blocking trading.

“We have been in touch with the DEXes and told them to block trading. We will reissue tokens in the future after we assess the situation. We are currently drafting a plan and we are committed to compensating affected users.”

Binance Conducts Probe On The Hack

Binance team conducted a probe on the hack of BNB Chain-based DeFi protocol Ankr. Also, Binance CEO Changpeng “CZ” Zhao disclosed how a developer’s leaked private key led the hacker to change the smart contracts to a vulnerable contract address.

In response to the Ankr hack, Binance CEO Changpeng “CZ” Zhao announced that the crypto exchange has already stopped withdrawals of affected crypto tokens. In addition, he revealed that Binance has also frozen almost $3 million worth of crypto assets that hackers moved to the crypto exchange.

“The original smart contract seems to be ok, but once a hacker gets hold of the dev private key, they updated the smart contract.”’

Also Read: How Exploiters Made Profit On The Ankr Exploit

Varinder is a Technical Writer and Editor, Technology Enthusiast, and Analytical Thinker. Fascinated by Disruptive Technologies, he has shared his knowledge about Blockchain, Cryptocurrencies, Artificial Intelligence, and the Internet of Things. He has been associated with the blockchain and cryptocurrency industry for a substantial period and is currently covering all the latest updates and developments in the crypto industry.

The content presented may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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