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Allbridge Core Pauses Protocol After $1.65 Million Solana Exploit

GateNews
Security IncidentsExchange Risk
SOL1.31%
USDC-0.02%
KMNO0.10%
ETH2.21%
According to PeckShield and CertiK, cross-chain stablecoin bridge Allbridge Core paused its protocol on July 19 after a security incident on Solana resulted in estimated losses of approximately $1.65 million. The attack targeted Allbridge Core's USDC-USDT liquidity pool; the exploiter borrowed roughly $1.12 million in USDC through a flash loan from Kamino, then executed rapid swaps to distort the pool's asset ratio and withdrew liquidity at an artificially favorable exchange rate. Security researchers indicated the attacker subsequently bridged stolen assets to Ethereum and routed funds through privacy-focused protocols. Allbridge urged liquidity providers to withdraw affected funds and said its objective is to return all affected funds, though it has not yet outlined a formal reimbursement plan.
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Market Whisper07-20 03:18

Allbridge Core Pauses Protocol After $1.65M Flash Loan Exploit

Ethan Brooks07-20 02:33

Allbridge Core suffered a flash loan and stablecoin pool exchange rate manipulation attack, resulting in losses exceeding $1.1 million

Market Whisper07-20 01:14
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