The HAY stablecoin is on the verge of repegging just five days after a trader took advantage of a protocol glitch that resulted in 16 million HAY worth of bad debt.
it would allocate $15 million to buy back the bad debt resulting from its recent exploit and the resultant over-circulation of HAY.
A series of seemingly unrelated incidents occurred on Dec. 2 when a hacker manipulated vulnerabilities in Ankr's smart contract code and compromised private keys after a technical upgrade. As a result, the hacker minted 20 trillion Ankr Reward Bearing Staked BNB tokens, which was pegged to the BNB token , and dumped them as the price of aBNBc plunged to less than $2 from around $300.
However, a trader then took advantage of an alleged hard-coding of pegged prices between aBNBc and BNB on the Helio protocol. The trader bought 183,885 aBNBc with only 10 BNB and used it as collateral to borrow 16 million HAY, which was then swapped for 15.5 million Binance USD, earning a
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