Binance Pauses Withdrawals Amid $5M Ankr Hack

bitcoin ankr crypto hack

Binance CEO changpeng Zhao has announced that the exchange has paused the withdrawal of crypto assets following an exploit on the crypto node project ankr.

Some hours ago, the developer’s private keys were hacked and the hacker updated the smart contract to a malicious one. Binance has therefore paused the withdrawal fee hours ago and also froze $3m the hacker moved to CEX

What you should know

The crypto market has been seriously tense for some months now, followed by the crash of FTX. Everyone is on the look to keep their tokens and coin in a cold wallet instead of using exchange platforms.

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Ankr which is a distributed node operator for proof of stake network; they let people stake their tokens easily without having to buy the necessary hardware, was hacked with the attacker leveraging the smart contracts for the BNBc tokens that gave them room to create an infinite amount of this token.

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The total number of tokens created is not feasible but reports claim they were able to mint as many as 60 trillion BNBc tokens.

Ankr Incidence Response To The Attack

The ankr team has confirmed that it had been robbed of over $ 5 million in BNB. Ankr claims they would buy $5 million worth of BnB tokens to compensate Liquidity providers.

The new token will be reissued called ankrBNB and which will be distributed to pre-hack aBNBc holder.


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