June 1, 2023

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Allbridge Offers Bounty to Attacker Following $573,000 Exploit

1 min read

Blockchain security firm Peckshield recently identified an attack on the multichain token bridge Allbridge, which resulted in the loss of $573,000.

The attacker was able to manipulate the BNB Chain pools swap price by acting as a liquidity provider and swapper, which allowed them to drain the pool of $282,889 in Binance USD and $290,868 worth of Tether.

Allbridge responded to the hack via  tweet by offering the attacker a bounty and a chance to escape legal ramifications if they come forward as a white hat and return the funds.

The bridge protocol has been temporarily suspended to prevent potential exploits, but Allbridge is working with partners, law firms, and law enforcement to track down the stolen funds and individuals involved in the hack.

CertiK provided an in-depth breakdown of the hack, identifying it as a flashloan attack. March saw 26 crypto projects hacked, resulting in total losses of $211 million, with Euler Finance’s hack being responsible for over 90% of the losses.