Allbridge, the company behind the Allbridge Core cross-chain stablecoin bridge, said it suspended the protocol as a precaution following a “security incident” that reportedly cost $1.65 million on Sunday.<\/p>\n
The incident affected the Allbridge Core Solana deployment, and the attacker had already done so switches<\/span><\/a> the stolen funds from Solana to Ethereum before transferring them to privacy pools. <\/p>\n “There has been a security incident at Allbridge Core,” said a post<\/span><\/a> at X on Sunday. “We have suspended the protocol as a precaution while we investigate. If you have liquidity in the affected pools, please withdraw it now.” <\/p>\n The Allbridge Core exploit is at least the sixth cross-bridge attack since May. Bridges are attractive targets for attackers because they often hold large pools of funds that support the bridge’s assets on the destination blockchain. <\/p>\n Source: <\/em>Lookonchain<\/em><\/span><\/a><\/p>\n Onchain lens informed<\/span><\/a> the attacker received a flash loan of $1.12 million USDC (USDC) from Kamino to flash USDC\/USDT swaps that distorted the exchange rate of the Allbridge Core stablecoin pool. <\/p>\n On the topic: <\/strong><\/em>Taiko reopens bridge after $1.7 million exploit, says users have recovered <\/strong><\/em><\/span><\/a><\/p>\n The attacker then withdrew liquidity at the manipulated rates by paying off the USDC loan of $1.12 million and keeping the difference. <\/p>\n “The resulting pool imbalance created a temporary positive arbitrage window. If you took advantage of this, please consider a refund… this will go directly to compensating the affected LPs,” it added.<\/p>\n This was not the first time Allbridge Core was hit by a flash loan attack. <\/p>\n In April 2023, Albridge was is exploited<\/a> for $573,000 via a flash loan attack on the Allbridge pool on the BNB chain. The attacker acted as both a liquidity provider and a swapper, and exploited a flaw in the smart contract that allowed them to manipulate swap prices, leading to a merger of $289,900 in Binance USD (BUSD) and $290,900 in USDt (USDT). <\/p>\n The warning is posted on the Allbridge Core website. Source: Allbridge Core<\/p>\n In June, Taiko, Ethereum’s Layer 2 blockchain, urged its users to withdraw assets<\/span><\/a> from the network’s bridges after attackers exploited one of the bridge’s protocols and stole $1.7 million. <\/p>\n Taiko reopened its bridge 11 days after completing a four-phase recovery plan. <\/p>\n A few weeks before the Taiko incident, A secret network has been used<\/span><\/a> via an “infinite mint” bug on a vulnerable smart contract that created unsecured versions of assets wrapped in Axelar, resulting in a $4.67 million exploit. <\/p>\n Among other recent exploits of the bridge Gravity bridge<\/span><\/a>, Verovsky bridge <\/span><\/a>and Oil network<\/span><\/a>. <\/p>\n![\"\"](\"https:\/\/s3-images.ctmedia.io\/media\/content\/pasted-image-2074.png\")
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<\/figure>\nCrossed chain bridges have been targeted since May <\/h2>\n