Cross-chain bridge Allbridge Core has been exploited for roughly $1.65 million, as flagged by multiple blockchain security firms, and the team has paused the protocol for investigation.
According to blockchain analysis provider Onchain Lens, the exploiter used a $1.12 million flash loan from Solana-based liquidity protocol Kamino to manipulate the stablecoin liquidity pool ratios by rapidly swapping USDC for USDT. The attacker then withdrew funds at favorable rates and routed the stolen assets through privacy protocols to obscure their trail.
Both PeckShield and CertiK reported Sunday that the attacker has bridged the stolen funds from Solana to Ethereum.
In a post on X, Allbridge said that it has paused the protocol and urged users to withdraw liquidity from affected pools. The team also noted that the resulting pool imbalance created a temporary positive arbitrage window.
"The resulting pool imbalance created a temporary positive arbitrage window. If you took advantage of it, please consider returning funds to the address below — this will go directly toward compensating affected LPs," the team said, adding that its goal is to "return all affected funds" to users.
The Block has reached out to Allbridge for further comment.
This is a developing story.
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