Allbridge pauses cross-chain bridge after $1.65M exploit
Allbridge, the company behind cross-chain stablecoin bridge Allbridge Core, said it has paused the protocol as a precaution after a “security incident” that reportedly saw $1.65 million drained on Sunday. The incident affected Allbridge Cores Solana deployment, with the attacker having already bridged the stolen funds from Solana to Ethereum before moving them into privacy pools. “Allbridge Core is experiencing a security incident,” it said in a post on X on Sunday. “We have paused the protocol as a precaution while we investigate. If you have liquidity in affected pools, please withdraw now.” The Allbridge Core exploit is at least the sixth attack targeting a cross-chain bridge since May. Bridges are attractive targets for attackers because they often hold large pools of funds that back bridged assets on the destination blockchain.Source: Lookonchain Onchain Lens reported the attacker made a $1.12 million USDC (USDC) flash loan from Kamino, before rapid USDC/USDT swaps that distorted the Allbridge Core stablecoin pools exchange rate. Related: Taiko reopens bridge after $1.7M exploit, says users made whole The attacker then withdrew liquidity at manipulated rates, repaying the $1.12 million USDC loan and keeping the difference. “The resulting pool imbalance created a temporary positive arbitrage window. If you took advantage of it, please