- The Ankr team finalized the purchase of 6,843,323 HAY on Decentralized Exchanges (DEXs) out of the entire 17,747,582 HAY of accumulated bad debt.
- Almost a week later, the Ankr team announced it burned 6,000,000 HAY, the first burn to the Helio Bad Debt Burn Address.
In response to the recent attack on the Ankr network, the company has announced a compensation program for the affected holders of its liquid staking BNB token, aBNBc. According to the announcement, $15 million has been set aside to be distributed amongst affected DeFi BNB liquidity providers, BNB lenders, and DeFi protocol users per the given blockchain snapshot.
In a December 2 update, the Ankr security team confirmed that the losses incurred during the recent hack are in the region of $5 million BNB. Meanwhile, the company announced that it is closely working with centralised and decentralised exchanges to halt the liquidation of the excess aBNBc.
The compensation plan is scheduled to take part across several stages so we can monitor conversions and move quickly to reimburse all legitimate and affected aBNBc & aBNBb token holders based on a snapshot taken December 2, 2022 (Dec-02-2022 at 12:43:18 AM +UTC – Block number: 23545403),
Ankr announces master recovery plan on lost aBNBb
The Ankr team has worked much closer with other DeFi protocols in the past few weeks to help its ecosystem stabilize amid the ongoing bear market. Furthermore, the Ankr team does not want a scenario similar to the FTX and FTT token.
Reportedly, the Ankr team finalized the purchase of 6,843,323 HAY on Decentralized Exchanges (DEXs) out of the entire 17,747,582 HAY of accumulated bad debt. As such, the underlying value of Destablecoin HAY (HAY) trades around $0.947933 on Thursday, up approximately 1.7 percent.
Almost a week later, the Ankr team announced it burned 6,000,000 HAY, the first burn to the Helio Bad Debt Burn Address. As a result, the Helio team said it would be repurchasing the excess HAY and sending it to a burn address.
Notably, the Helio Protocol had a TVL of approximately $90 million before the Ankr hack. Whereby Helio has already repurchased $3 million worth of bad debt in HAY in the open market.
In the plan for reimbursing Wombat stkBNB liquidity providers (LPs), Ankr has reached a bilateral agreement with pStake to airdrop 2,654.352 ankrBNB and 681.051 stkBNB. Whereby the firm expects it will partially cover the loss of stkBNB liquidity providers on Wombat.
In a bid to retain the Wombat business trust, Ankr has noted that it will provide 100 percent coverage of the BNB Wombat LP, estimated at 14,407.155 BNB, before Christmas.
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