According to Peckshield, a blockchain security firm, $570,000 has reportedly been stolen from Allbridge’s cross-chain protocol, making them the most recent victim in the industry.
Lost about $570,000
On April 1, the theft of $282,889 in Binance USD and $290,868 in Tether USDT was discovered and reported to Allbridge by Peckshield.
According to the company, the hacker stole approximately $570,000 worth of cryptocurrency in total by acting as a liquidity provider and swapper, artificially inflating the swap price of the pool.
The Allbridge hack has been confirmed by Certik, another blockchain security firm. Internal reports suggest the theft is estimated at $549,874 through swap price manipulation in the company’s liquidity pool.
Attacker is encouraged to return money
To encourage the attacker to return the stolen money and help improve the platform’s security, Allbridge has offered a bounty and legal immunity to the hacker who is identifying himself as a white hat.
In the context of crypto-hacking, a “white hat” refers to a hacker or security professional who uses their skills for ethical purposes, such as spotting weaknesses in systems and networks to help improve security.
In addition to white hat hackers, there are also black hat hackers. These are hackers who try to steal information, disrupt services or take advantage of security vulnerabilities for their own gain.
Bridge temporarily deactivated
During the attack, Allbridge acknowledged the incident and temporarily deactivated the bridge to allow further investigation. The bridge will be activated again after the flaw that caused the vulnerability is fixed.
According to a tweet of PeckShield, 26 crypto projects were hacked in March, resulting in a total loss of $211 million. The recent attack on Allbridge is part of this expanding trend.
