Allbridge Core Halted After $1.65M Solana Exploit
The firm said it recovered most of the funds and changed liquidity and withdrawal calculations after the attack.
- Allbridge Core paused its cross-chain stablecoin protocol after an attacker stole roughly $1.65 million from Solana liquidity pools, according to security firms CertiK and PeckShield.
- Flash loans—borrowed and repaid within a single transaction—enabled the attacker to manipulate pool ratios, as Allbridge operates as a bridge transferring native stablecoins like USDC and USDT between non-communicating blockchains.
- The attacker exploited pool imbalance by using a $1.12 million USDC flash loan from Kamino to withdraw assets at favorable rates before rebalancing; stolen funds were then bridged to Ethereum addresses and dispersed across multiple wallets.
- Allbridge paused operations and urged liquidity providers to withdraw funds pending investigation, later recovering most stolen assets and modifying its withdrawal calculations while appealing to profitable traders to return gains for LP compensation.
- Despite raising $2 million in 2022 for security audits, Allbridge suffered a similar flash loan attack in 2023 that drained roughly $650,000 from BNB Chain pools, revealing recurring vulnerabilities in cross-chain protocols.
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Hacker Exploits Allbridge Core, Draining $1,660,000 Worth of Crypto From Cross-Chain Stablecoin Bridge
A hacker manipulated the swap mechanics of a liquidity pool on the cross-chain stablecoin bridge Allbridge Core, looting $1.66 million worth of digital assets over the weekend. In a post-mortem of the incident, Allbridge notes the hacker used a flash loan and exploited the swap logic of its Solana (SOL) liquidity pools. The attacker borrowed […] The post Hacker Exploits Allbridge Core, Draining $1,660,000 Worth of Crypto From Cross-Chain Stablec…
Allbridge Core Pauses Cross-Chain Bridge after $1.65M Exploit
Allbridge, the company behind cross-chain stablecoin bridge Allbridge Core, said it has paused the protocol as a precaution after a “security incident” that reportedly saw $1.65 million drained on Sunday. The incident affected Allbridge Core’s Solana deployment, with the attacker having already bridged the stolen funds from Solana to Ethereum before moving them into privacy pools. “Allbridge Core is experiencing a security incident,” it said in…
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