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Blockchain

Allbridge To Finally Repay Stuck Bridge Users, Bringing Relief To Thousands

April 5, 2023 - Around 2 mins mins to read

Key Points:

  • Allbridge to begin compensating users after recent hack, prioritizing stuck transactions and LPs. Compensation process to commence next week.
  • Allbridge aims to fully compensate victims of the exploit with available funds.
  • Application form being drafted for LPs who could not withdraw assets, compensation plan comes after 1,500 BNB was returned to the project.
Allbridge, a multichain token bridge provider, was recently hacked for approximately $573,000 on April 1.
Allbridge To Finally Repay Stuck Bridge Users Bringing Relief To Thousands

The project has now posted a recovery plan that promises compensation to users, with those whose funds were stuck on the bridge being prioritized first. Despite only “partly recovering funds” after the hack, Allbridge has already started a compensation process for affected users. The compensation plan states that the victims of the exploit will be compensated fully with the funds available to Allbridge. This will commence next week, starting with users who have used the bridge shortly before the shutdown.

Allbridge also notes that they have enabled LPs to withdraw their funds, with the majority withdrawing their assets from the pool. However, some were able to withdraw more than their original balances due to the pool’s disbalance. Others, unfortunately, could not withdraw “a reasonable amount” from the liquidity pool, which is why an application form is currently being drafted for LPs who could not withdraw their assets. The form is expected to be completed within the next two days, and the compensation process is expected to commence next week.

In addition, Allbridge has offered a “white hat bounty” to the protocol’s exploiter, who seemingly accepted the offer, keeping a portion of the stolen funds in exchange for an assurance that no legal action will be taken. Furthermore, Allbridge has stated that all affected parties by the exploit will be subject to additional rewards in the future, but compensation remains their main priority.

Meanwhile, Euler Finance, an Ethereum-based noncustodial lending protocol, announced on April 4 that they recovered most of the $196 million stolen in a March 13 flash loan attack following successful negotiations.

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

Annie

Coincu News

Allbridge

Euler Finance

LPs

multichain token bridge

Author

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.
Blockchain

Allbridge To Finally Repay Stuck Bridge Users, Bringing Relief To Thousands

Key Points:

  • Allbridge to begin compensating users after recent hack, prioritizing stuck transactions and LPs. Compensation process to commence next week.
  • Allbridge aims to fully compensate victims of the exploit with available funds.
  • Application form being drafted for LPs who could not withdraw assets, compensation plan comes after 1,500 BNB was returned to the project.
Allbridge, a multichain token bridge provider, was recently hacked for approximately $573,000 on April 1.
Allbridge To Finally Repay Stuck Bridge Users Bringing Relief To Thousands

The project has now posted a recovery plan that promises compensation to users, with those whose funds were stuck on the bridge being prioritized first. Despite only “partly recovering funds” after the hack, Allbridge has already started a compensation process for affected users. The compensation plan states that the victims of the exploit will be compensated fully with the funds available to Allbridge. This will commence next week, starting with users who have used the bridge shortly before the shutdown.

Allbridge also notes that they have enabled LPs to withdraw their funds, with the majority withdrawing their assets from the pool. However, some were able to withdraw more than their original balances due to the pool’s disbalance. Others, unfortunately, could not withdraw “a reasonable amount” from the liquidity pool, which is why an application form is currently being drafted for LPs who could not withdraw their assets. The form is expected to be completed within the next two days, and the compensation process is expected to commence next week.

In addition, Allbridge has offered a “white hat bounty” to the protocol’s exploiter, who seemingly accepted the offer, keeping a portion of the stolen funds in exchange for an assurance that no legal action will be taken. Furthermore, Allbridge has stated that all affected parties by the exploit will be subject to additional rewards in the future, but compensation remains their main priority.

Meanwhile, Euler Finance, an Ethereum-based noncustodial lending protocol, announced on April 4 that they recovered most of the $196 million stolen in a March 13 flash loan attack following successful negotiations.

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

Annie

Coincu News