Allbridge Core Attacked, Losses Amount to $1.65 Million

The Allbridge team has halted the operation of the Allbridge Core protocol following an attack in which the attacker drained approximately $1.65 million from stablecoin pools on Solana. The project confirmed the loss in a statement and urged liquidity providers to withdraw their funds immediately. The stolen tokens left Solana, moved to Ethereum, and partially entered privacy pools, complicating further tracking of the flows. The attacker used a flash loan from Kamino Finance to acquire $1.12 million USDC, which was used to manipulate prices in the Allbridge Core pool. As a result of rapid exchanges, the protocol valued assets far from their market value, allowing the attacker to withdraw liquidity at the manipulated rate. Allbridge has reached out to arbitrators for a voluntary return of profits to be directed to the affected liquidity providers. This incident marks the sixth attack on a cross-chain bridge since May, highlighting the increasing risks to cross-chain infrastructure.

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