Allbridge Investigates Exploit as Bridge is Temporarily Closed

Exploit Investigation Underway

Allbridge appears to have fallen victim to the latest latest hack to grip the space, with a loss of $570,000 incurred.

The Allbridge team took to Twitter to allay fears and underlined the BNB Chain pools as the specific area of concern with investigations now underway.

We are investigating the current situation with the BNB Chain pools.

The bridge has been temporarily shut down during the investigation.

We apologize for the inconvenience.

— Allbridge (@Allbridge_io) April 2, 2023

The security team at Peckshield have followed up with quick work and have also offered an indication of what has gone wrong. Peckshield outlined that the cause appears to be the manipulation of the pool’s swap price.

Peckshield: Specific overview of the swap formula manipulation.

The bad actor took on the dual role of acting as Liquidity Provider and swapper, so that they were able to manipulate the price and then drain the pool funds. The team has however been quick to allay fears, with Co-Founder Andriy also responding to Peckshield’s initial alarm with recognition and appreciation.

Thank you for the information. We are currently investigating the issue. Will be back with official aanouncement

— Andriy ?? (@avelykyy) April 2, 2023

BSC News will be following the story closely, bringing you the very latest as it develops.

About Allbridge:

Allbridge describes itself as a simple, modern, and reliable way to transfer assets between different networks. It is a bridge between both EVM (Like Ethereum, Polygon, BSC) and non-EVM compatible (like Solana, Terra) blockchains, that aims to cover L2 (like Arbitrum, Optimism) solutions and NFT transfers in the future.

Allbridge’s mission is to make the blockchain world borderless and provide a tool to freely move assets between different networks.

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