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FollowingAllbridge Core, a cross-chain stablecoin bridge protocol, suffered a "security incident" on Sunday and allegedly lost US$1.65 million. As a precautionary measure, the agreement has been suspended.
This incident affected the deployment of Allbridge Core on the Solana chain. The attacker first bridged the stolen funds from Solana to Ethereum, and then transferred them to the privacy pool.
Allbridge Core posted on the X platform on Sunday: "Allbridge Core is experiencing a security incident. We have suspended the agreement as a precautionary measure and launched an investigation. If you are providing liquidity in the affected pool, withdraw it immediately."
The attack on Allbridge Core is at least the sixth attack on cross-chain bridges since May. Cross-chain bridges are targeted because they often hold large pools of funds to support bridging assets on the target chain.
Source:Lookonchain
According to Onchain Lens, the attacker borrowed US$1.12 million in USDC flash loans from the Kamino platform and then quickly exchanged USDC with USDT, causing an abnormal exchange rate in the Allbridge Core stablecoin pool.
The attackers then extracted liquidity at the manipulated exchange rate, repaid US$1.12 million in USDC loans, and retained the difference.
Allbridge Core added: "Pool imbalances create a temporary positive arbitrage window. If you take advantage of this, consider returning the funds... these funds will be used directly to compensate affected liquidity providers."
Cross-chain bridges attacked since May
In June, Taiko, the Ethereum Layer 2 network, urged users to withdraw assets from the network's bridges after attackers used its bridge protocol to steal $1.7 million.
Taiko reopened the bridge service 11 days later after completing a four-step recovery plan.
A few weeks before the Taiko incident, Secret Network was attacked due to an "unlimited coinage" vulnerability on a vulnerable smart contract, which generated unsecured Axelar encapsulated assets, resulting in a loss of $4.67 million.
Other recent bridging attacks include Gravity Bridge, Verus Bridge and Butter Network.
