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Project Overview
Allbridge is a decentralized cross-chain bridge between EVM and non-EVM compatible blockchains, aiming to cover L2 solutions and NFT transfers in the future.
Cross-chain protocol Allbridge confirms $1.65 million loss from liquidity pool and plans to deprecate old architecture
the cross-chain protocol Allbridge has issued an official statement confirming that an attacker has withdrawn approximately $1.65 million in assets from the Allbridge Core liquidity pool. A detailed analysis of the incident is currently being compiled, and the full investigation results will be published subsequently. The team emphasizes that there is no further risk to current user liquidity and that the Allbridge Next service is operating normally.In response to this incident, Allbridge plans to relaunch the Core version but will remove the liquidity pool design. Future cross-chain transfers will be facilitated via Circle CCTP and the LayerZero router to eliminate the risk of liquidity pool imbalance and the model vulnerabilities exploited in this attack. This incident has accelerated the previously initiated migration plan to fully transition to the more secure new infrastructure, Allbridge Next. According to the plan, Allbridge Core and Allbridge Classic will cease operations in their current form within the next three months, and users are advised to withdraw their relevant liquidity in advance.It is understood that this attack has exposed the risks inherent in the traditional cross-chain liquidity pool model and has further driven the protocol's transition towards a cross-chain architecture based on message passing and native asset transfer.
Approximately $1.1 million extracted, Allbridge Core exploited on Solana
Odaily reports, according to monitoring by Onchain Lens, Allbridge Core has been exploited on Solana. The attacker borrowed $1.12 million USDC via a Kamino flash loan, then rapidly executed a USDC/USDT swap, distorting the stablecoin pool ratio of Allbridge. They withdrew liquidity at the manipulated exchange rate and repaid the flash loan within the same transaction, extracting approximately $1.1 million in funds. The funds were subsequently mixed through a privacy protocol. The maximum single withdrawal from Allbridge was $2.24 million USDC. Further analysis of the vulnerability exploit and the affected pools is ongoing.
Related news
Cross-chain protocol Allbridge confirms $1.65 million loss from liquidity pool and plans to deprecate old architecture
the cross-chain protocol Allbridge has issued an official statement confirming that an attacker has withdrawn approximately $1.65 million in assets from the Allbridge Core liquidity pool. A detailed analysis of the incident is currently being compiled, and the full investigation results will be published subsequently. The team emphasizes that there is no further risk to current user liquidity and that the Allbridge Next service is operating normally.In response to this incident, Allbridge plans to relaunch the Core version but will remove the liquidity pool design. Future cross-chain transfers will be facilitated via Circle CCTP and the LayerZero router to eliminate the risk of liquidity pool imbalance and the model vulnerabilities exploited in this attack. This incident has accelerated the previously initiated migration plan to fully transition to the more secure new infrastructure, Allbridge Next. According to the plan, Allbridge Core and Allbridge Classic will cease operations in their current form within the next three months, and users are advised to withdraw their relevant liquidity in advance.It is understood that this attack has exposed the risks inherent in the traditional cross-chain liquidity pool model and has further driven the protocol's transition towards a cross-chain architecture based on message passing and native asset transfer.
Approximately $1.1 million extracted, Allbridge Core exploited on Solana
Odaily reports, according to monitoring by Onchain Lens, Allbridge Core has been exploited on Solana. The attacker borrowed $1.12 million USDC via a Kamino flash loan, then rapidly executed a USDC/USDT swap, distorting the stablecoin pool ratio of Allbridge. They withdrew liquidity at the manipulated exchange rate and repaid the flash loan within the same transaction, extracting approximately $1.1 million in funds. The funds were subsequently mixed through a privacy protocol. The maximum single withdrawal from Allbridge was $2.24 million USDC. Further analysis of the vulnerability exploit and the affected pools is ongoing.