Ankr Deploys $15M To Buy Back Bad Debt Following Exploit

Ankr, a blockchain-based cloud computing platform, has been in the news recently for two reasons. Firstly, it has deployed $15 million to buy back bad debt that was incurred following an exploit on its platform. Secondly, the company has announced plans to reimburse victims of the Helios protocol.

In April 2021, Ankr suffered an exploit that allowed attackers to mint an infinite amount of ANKR tokens. As a result, the price of ANKR tokens plummeted, and users who had invested in the platform suffered losses. To mitigate the damage, Ankr has deployed $15 million to buy back the bad debt. The company plans to use its revenue and profits to repay the bad debt over time. This move is a positive step for Ankr, as it shows that the company is taking responsibility for the exploit and is working to make things right for its users.

Additionally, Ankr has responded to criticism by announcing plans to reimburse victims of the Helios protocol. The Helios protocol was a DeFi project that was built on the Ankr platform, and it suffered an exploit in May 2021. The exploit allowed hackers to steal $1.9 million worth of cryptocurrency. Ankr received criticism for not doing enough to prevent the exploit and for not compensating the victims. In response, Ankr has announced that it will reimburse the victims of the Helios protocol. The company has not yet provided any details on how this will be done, but it is a positive step that shows that the company is taking user security seriously.

Overall, Ankr's response to these two exploits shows that the company is committed to user security and to making things right for its users. By deploying $15 million to buy back bad debt and by announcing plans to reimburse Helios protocol victims, Ankr is taking responsibility for its platform's vulnerabilities and is working to regain user trust. As the DeFi industry grows, it is essential for companies to prioritize user security and to respond quickly to any vulnerabilities. Ankr's response sets a positive example for other DeFi platforms to follow.