The crypto market is already in ruins, and the news of the constant attacks mounted by hackers and cyber manipulators isn’t exactly painting a very nice picture for the rest of the world looking forward to adopting cryptocurrencies.

Recently, in a series of different cyber attacks, an attacker managed to scoop away almost $20 million from Helio and Ankr crypto projects, while almost $3 million from this stolen credit was sent via Binance, which was ultimately seized by the authorities.

Hackers Manipulated the Ankr Security Channels

Ankr recently initiated a project which targeted the development of a liquid staking project that was still in the development phases. The attacker got into the system and registered themselves as the admin of the project and then started minting the token, which is aBNBc, the liquidating token whose value was pegged into the Binance exchange token that is BNB.

Almost trillions of these aBNBc tokens were mined and then transferred to an unknown wallet location. This accounted for more than $5 million in terms of stolen tokens.

Later on, the attacker used the wallet address to disburse these tokens across the BNB chain; no one even had the first clue that these tokens were stolen as the attacker imitated themselves as a legitimate seller of the aBNBc tokens.

Now that the whole thing is out in the open, BNB has been advised to terminate any and all selling of the said token that comes from the addresses that are associated with the attacker.

Due to this event, the price of the aBNBc token plummeted by more than 99%, which resulted in the termination of the project altogether.

Because of this, the attacker became confident enough to launch a second exploit as well, in which the attacker used these aBNBc tokens for the sake of borrowing $16 million in HAY stablecoin, giving them these aBNBc tokens as collateral.

At that time, the price of the aBNBc token was still pretty solid, but it plummeted to nothing in a matter of days; hence the Helio firm got tricked by this timed deceit of the hacker. The hacker, later on, converted these tokens to get almost $15 million in terms of Binance USD.