The token, which held around $123 million of assets and was intended to offer Binance Coin holders returns via staking, crashed 99.5% Friday to trade at $1.51.
"Initial analysis is developer private key was hacked, and the hacker updated the smart contract to a more malicious one,"Binance has also frozen around $3 million that hackers moved to its centralized exchange, he added. Hackers have relentlessly targeted digital assets in 2022 with more than $3 billion wiped from the sector this year, according to Chainalysis.
Binance's freezing of Ankr's token comes at a time when investors are worrying about contagion from the implosion of rival exchange FTX and a brutal crypto winter that has seen bitcoin's price fall 63% year-to-date, with the token trading at just under $17,000 at last check.
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