Key Points:
A significant chunk of the approximately $570,000 stolen from the multichain token bridge Allbridge has been recovered after the exploiter accepted the project’s offer of a white hat and no legal reprisal.
On April 3, Allbridge said that it had received a communication from a person and that 1,500 BNB worth over $450,000 had been returned to the initiative.
It went on to say that all “received BNB” was then converted to the stablecoin Binance USD and utilized as compensation.
Peckshield, a blockchain security startup, initially spotted the April 1 hack, informing Allbridge in a tweet that their BNB Chain pools exchange pricing was being manipulated by a person operating as a liquidity provider and swapper.
Allbridge, as a cross-chain bridge, enables the movement of cryptocurrency from one blockchain network to another through a liquidity pool. According to security company PeckShield, an attacker took cash last Sunday by manipulating prices in Allbridge’s liquidity pool on BNB Chain via flash loans.
The exploiter has been actively transmitting cash to and via a number of protocols, wallets, and accounts since the vulnerability, including Centralized Exchange hot wallets and Tornado Cash. HAPI published a graphic depicting the asset flow.
BNB Chain said that using chain analysis, they have identified the cross-chain Allbridge bridge attacker and are aiding the team in retrieving cash. The protocol also includes a reward for the attacker.
Allbridge offered a white hat reward to the detected hacker, closing the protocol’s bridge and reopening liquidity pools for customers to retrieve their monies.
According to the proposal, the project would be responsible for repaying customers who have lost money by establishing a recovery fund. It said that it plans to restart operations once the problem is fixed.
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.
Join us to keep track of news: https://linktr.ee/coincu
Harold
Coincu News
The JPMorgan Chase Bitcoin ETF investment aligns with a broader trend of traditional financial institutions…
DeBank, a prominent Web3 native communication tool and asset tracker, has made a significant stride…
The phishing group responsible for the theft of 1155 Wrapped Bitcoin (WBTC) has made amends…
Federal Reserve Governor Michelle Bowman has expressed her stance on interest rates, indicating that she…
Despite recent fluctuations in Bitcoin profit value, a recent study reveals that a whopping 86%…
RCO Finance's DeFi cards simplify cryptocurrency transactions. Convert crypto to fiat seamlessly for global purchases…
This website uses cookies.