AllBridge halted its core protocol after a flaw in its liquidity pools was exploited, resulting in a $1.65 million loss.
The hack draws attention to the increasing threats to the security of cross-chain bridges with sizable liquidity pools.
Cross-chain platform AllBridge Core shut down its operations following a security issue that resulted in the loss of $1.65 million on Sunday. The hack specifically occurred within the AllBridge Core deployment on the Solana blockchain. The attacker transferred the funds stolen via the bridge from Solana to the Ethereum blockchain. The hacker swiftly transferred the stolen funds through privacy pools to cover his tracks.
The perpetrator executed a well-thought-out flash-loan strategy to influence the exchange rate in the pool for stablecoins. As per on-chain data, the hacker took out a loan of $1.12 million in USDC from the lending platform Kamino. Quick switching between USDC and USDT led to a price imbalance within the pool balance.
We współpracy z: https://thenewscrypto.com/allbridge-suspends-core-protocol-after-1-65m-solana-flash-loan-exploit/
