Ankr Makes Progress With Its $15 Million Recovery Fund

Twitter icon  •  Published hace 3 meses  •  Hassan Maishera

Ankr has provided its community with an update regarding its Recovery Fund following the exploit it suffered earlier this month.

Earlier this month, Ankr announced that its aBNB token had been exploited. The attacker stole roughly $5 million from the protocol following the exploit. However, the Ankr team responded by revealing that it would pay back the victims of the attack.

Ankr set up its Recovery Fund to achieve this goal and has now provided an update regarding how it is distributing the funds.

Ankr Makes Progress With Its Recovery Fund

The Ankr team announced in a blog post on Wednesday, December 14th, that it has made progress with its Recovery Fund. Within a week of the aBNBc liquid staking token exploit, the Ankr team has achieved the following. 

  • Purchased 6,843,323 HAY destablecoin as of Dec.08 to stabilize its price. The HAY ‘destablecoin’ had lost its $1 peg after attackers used it as collateral in their exploitation of Ankr.
  • Airdropped AnkrBNB on Dec.09 to wallet addresses that held aBNBc and aBNBb via smart contracts for several DeFi protocols (Ellipsis Finance, PancakeSwap, Beefy Finance, ApeSwap, ACryptoS, Wombat, Wombex, Magpie, and Quoll)
  • Airdropped BNB to wallet addresses that held BNB through aBNBc or aBNBb liquidity pools on Dec.12
  • Airdropped ankrBNB through smart contracts on Izumi, DotDot Finance, and Kalmy Protocols to missing wallet addresses that held aBNBc and aBNBb.
  • Unblocked the transferability of newly airdropped tokens after halting trading for aBNBc and aBNBb tokens and completing the token migration to ankrBNB.

Ankr’s Distribution Plan Still Has More To Go

These latest developments are not the only ones that the Ankr team hopes to achieve. According to the team, they have reached a bilateral agreement with pStake to airdrop 2,654.352 ankrBNB and 681.051 stkBNB, which will partially cover the loss of stkBNB liquidity providers on Wombat. 

Ankr explained that the nature of the mixed liquidity pools on the decentralized exchange poses a challenge in estimating the losses of affected users, but Ankr is happy to have reached a decision with the management team of Wombat for adequate compensation.

Ankr concluded that;

“The team has decided to further assess any potential corner cases that the Recovery Program did not initially take into account on a case-by-case basis. The main criteria will be protecting users that displayed non-malicious behavior at or after the time of the exploit. Malicious arbitrageurs that took advantage of the aBNBc exploit will not be included in the Recovery Program.”

Author

Hassan Maishera

Hassan is a Nigeria-based financial content creator that has invested in many different blockchain projects, including Bitcoin, Ether, Stellar Lumens, Cardano, VeChain and Solana. He currently works as a financial markets and cryptocurrency writer and has contributed to a large number of the leading FX, stock and cryptocurrency blogs in the world.

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