Flow Blockchain Suffers Attack on Ankr's Liquid Staking Contract

The Flow blockchain experienced a security breach early today when a vulnerability in Ankr's ankrFLOW liquid staking contract was exploited. At approximately 06:18 UTC, attackers created around 8.6 million uncollateralized ankrFLOW tokens, which are not tied to any collateral, according to an official statement from Flow.

Following the creation of these tokens, the attackers used them as collateral on the MORE Markets lending protocol, leading to the depletion of approximately 15.5 million WFLOW reserves, valued at about $410,000. The attackers reportedly profited around $246,000 after accounting for slippage. Initial reports inaccurately estimated the total impact at $9.3 million.

In response to the incident, Ankr and MORE Markets have suspended the affected contracts, and several exchanges have proactively halted FLOW deposits. The Flow Foundation has announced plans to collaborate with Ankr to restore the stolen WFLOW reserves and rebalance the liquidity pool. Despite the attack, the Flow network continues to operate normally, and ankrFLOW staking and MORE Markets lending will remain paused until a fix is implemented. Users are assured that their funds are secure and no action is required on their part.

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Source: KLEA News