How did an arbitrage trader gain 15.5 million BUSD with only 10BNB?
A genius trader( 0x8d...217 ) gains 15.5 million worth of BUSD while Ankr Exploiter hacked and dumped aBNBc . Here's how he did: the trader bought 183,884.92 $aBNBc with 10 $BNB via 1 inch ; exchanged 183,884.92 $aBNBc to 191,130.04 $hBNB via Helio protocol ($hBNB is the BNB collateral in Helio); Used 191,130.04 $hBNB to borrow 16,444,740.14 (16.4 million) $HAY on Helio, which is a Stablecoin issued by Helio ; Go back to 1 inch and swapped 16,444,740 $HAY for 15,504,986 (15.5 million) $BUSD. You may ask again: how did the trader gain $15.5 million from the above steps? Normally, the price of $BNB should be pegged at a 1:1 ratio to the price of $aBNBc.Traders will arbitrage when there is a price difference. This time, $aBNBc has completely de-pegged from $BNB. Therefore, he could buy 183.8K $aBNBc with only 10 $BNB. Then, the problem falls on the Oracle of Helio Protocol. Oracles are used to provide price data streamed on the blockchain. Oracle...