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Rapid Insights: Analyzing Ankr’s Liquid-Staking Protocol Infinite Mint Exploit

Quick Take

  • Rapid Insights provide a deeper analysis of the current crypto landscape in a timely fashion
  • The Ankr protocol’s liquid-staking derivative, aBNBc, was exploited on December 1st through what appears to be a private key compromise
  • Aside from a collapse in the price of aBNBc, the Helio protocol was also exploited as a secondary effect, with erroneously minted aBNBc being used to borrow excess amounts of the HAY stablecoin
  • In this report, we analyze the original attacker’s movements on-chain and examine the impact of the exploit on other parts of the BNB Chain ecosystem

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