SNEAK PEEK
- Allbridge has suffered a hack that resulted in a loss of approximately $570K in cryptocurrency.
- The attack was carried out by a skilled actor who played dual roles in the platform’s liquidity pool and swap mechanism to manipulate the pool’s swap price.
- Allbridge promptly addressed the issue and closed the Bridge temporarily to investigate and mitigate the damage caused by the cyber attack.
Allbridge_io, a decentralized finance (DeFi) platform, has fallen victim to a hack that has resulted in a loss of approximately $570,000 in cryptocurrency. The attack was carried out by a skilled actor who played dual roles in the platform’s liquidity pool (LP) and swap mechanism to manipulate the pool’s swap price, ultimately draining the funds from the pool.
The @Allbridge_io hack results in the loss of ~$570K (282,889 BUSD + 290,868 USDT). The root cause appears to be the manipulation of pool’s swap price. The actor plays dual roles of acting as LP and swapper to manipulate the price and then drain the pool funds. https://t.co/JiPwVHsaCi pic.twitter.com/FY2wwA6IHm
— PeckShield Inc. (@peckshield) April 2, 2023
In response to the recent cyber attack, Allbridge promptly addressed the issue and took necessary measures to mitigate the damage. The foundation announced on its official Twitter account that they are investigating the current issue with the BNB chain pool.
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
To prevent further breaches by the cybercriminal, Allbridge temporarily closed the Bridge and initiated an urgent investigation to identify and address the problem as quickly as possible.
5/ The bridge has been temporarily suspended to prevent the potential exploits of the other pools. We will restart it once the vulnerability has been patched.
— Allbridge (@Allbridge_io) April 2, 2023
Furthermore, Allbridge has expressed its intention to compensate the victims of the recent hack and has revealed plans to launch a dedicated withdrawal site for individuals providing liquidity to the project.
7/ Lastly, we are preparing a plan to compensate those affected by the attack. We will be able to share more information soon.
— Allbridge (@Allbridge_io) April 2, 2023
In another development, Arbitrum (ARB), a provider of Ethereum layer two solutions, has reversed its stance on the governance of the AIP-1 protocol. In a recent tweet, Arbitrum stated that its initial governance proposal, AIP-1, is expected to be unsuccessful and added that the company is “committed to addressing the feedback received from the community.”
Omggg
Arbitrum team wrongly started utilizing the 750m $ARB before the vote was even done!
They just assumed the FORs would win.
But now the AGAINSTs are winning!
Team now claims the vote was a “ratification”, not a “request”.
DECENTRALIZATION THEATRE IS BEING FULLY EXPOSED! https://t.co/87uzDkVgcJ pic.twitter.com/RzgbP7J0rs
— Chris Blec (@ChrisBlec) April 2, 2023
In the wake of the recent hack, the native token of Allbridge, ABR, has taken an adverse turn in trading. Over the last 24 hours, the price of ABR has dropped by 0.25%, currently trading at $0.1952. The bears have established a support level of $0.1942 and a resistance level of $0.2039.
