Over $450,000 in stolen funds are returned by an Allbridge Exploiter
Key Points:
- A vulnerability led to the theft of approximately $570,000 in cryptocurrency from Allbridge; however, the exploiter was re-acquired after accepting a white hat prize offered by the project.
- Last Sunday, an exploiter used flash loans to manipulate the price of the BNB Chain’s liquidity pool and steal funds.
- Through the creation of a recovery fund, the project would be responsible for compensating customers who have lost money.
The Allbridge team has gone above and above to fix an attack that depleted the bridge protocol’s BNB Chain liquidity by $570,000. And their efforts were ultimately rewarded.
The exploiter accepted the project’s offer of a white hat and no legal repercussions, which resulted in the recovery of a significant portion of the approximately $570,000 that had been stolen from the multichain token bridge Allbridge.On April 3, Allbridge stated that it had received a communication from a person stating that the initiative had received 1,500 BNB worth more than $450,000.
It continued by stating that every “received BNB” was later exchanged for the stablecoin Binance USD and used as compensation.
Peckshield, a blockchain security startup, was the first to discover the April 1 breach. In a tweet, they informed Allbridge that a liquidity provider and swapper was manipulating the pricing of their BNB Chain pools exchange.
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Through a liquidity pool, Allbridge, a cross-chain bridge, makes it possible for cryptocurrency to move from one blockchain network to another. As per security organization PeckShield, an aggressor took cash last Sunday by controlling costs in Allbridge’s liquidity pool on BNB Chain through streak credits.
Since the vulnerability was discovered, the attacker has been actively transferring cash to and from a number of protocols, wallets, and accounts, including Tornado Cash and Centralized Exchange hot wallets. The asset flow was depicted in a graphic that HAPI published.
According to BNB Chain, the cross-chain Allbridge bridge attacker has been identified through chain analysis, and they are assisting the team in locating the cash. A reward for the attacker is also included in the protocol.
Allbridge shut down the protocol’s bridge, reopened liquidity pools for customers to access, and offered a white-hat reward to the identified hacker.
As indicated by the proposition, the venture would be liable for reimbursing clients who have lost cash by laying out a recuperation reserve. It stated that it would resume operations once the issue was resolved.
