Identified Allbridge Attacker Causing $570,000 Damage

Key Points:

  • BNB Chain has identified the Allbridge attacker after on-chain analysis.
  • On April 2, according to PeckShield monitoring, the Allbridge cross-chain bridge was hacked, and approximately $570,000 was lost.
  • The Allbridge team provided a bounty to the attacker and managed to recover the stolen funds.
Identified Allbridge Attacker Causing $570,000 Damage
The thief of $570,000 on the Allbridge inter-chain bridge has been identified. The process of recovering the stolen funds is also ongoing.

BNB Chain tweeted today that they have identified the cross-chain Allbridge bridge attacker through chain analysis and are actively assisting the team in recovering funds. The protocol has also provided a bounty for the attacker.

“BNB Chain has identified the bridge attacker following on-chain analysis. We are actively supporting the Allbridge team on the fund recovery. Its team has offered the hacker a bounty. We’d like to recognize the effort of AvengerDAO in this recovery effort.”

Earlier, on April 2, interchain bridge Allbridge tweeted that it was investigating the current state of the BNB Chain asset pool. The cross-chain bridge has been temporarily closed during the investigation.

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According to PeckShield monitoring, the cross-chain bridge was hacked and lost about 570,000 USD (including about 280,000 BUSD and about 290,000 USDT).

Identified Allbridge Attacker Causing $570,000 Damage

The root cause seems to be that the Swap price of the fund group has been manipulated. Hackers play dual roles as liquidity providers and traders, withdrawing funds from the pool. After the problem is fixed, the price of ABR is also adjusted.

Identified Allbridge Attacker Causing $570,000 Damage
24h ABR price chart. Source: CoinMarketCap

Allbridge is a simple, modern, and reliable way to transfer assets between different networks. It is a bridge between both EVM (Like Ethereum, Polygon, BSC) and non-EVM compatible (like Solana, Terra) blockchains that aims to cover L2 (like Arbitrum, Optimism) solutions and NFT transfers in the future. Its mission is to make the blockchain world borderless and provide a tool to move assets freely between different networks.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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