Allbridge Core suspends operations: losses from the hack exceed $1.65 million
The Allbridge Core stablecoin cross-chain transfer protocol has suspended its operations following a large-scale attack. The project team strongly recommends that users immediately withdraw liquidity from the affected pools to minimize potential losses.
An analysis of the incident conducted by our team shows that the attack was carefully planned. The attacker exploited a flash loan mechanism worth $1.12 million to artificially alter the USDC to USDT ratio in the pool. This manipulation allowed them to withdraw approximately $1.65 million from the protocol before the system could react.
After successfully withdrawing the funds, the hacker transferred the stolen assets from the Solana network to Ethereum. This is a typical practice to complicate the tracking of funds and their subsequent liquidity on decentralized exchanges.
Expert analysis: This incident once again highlights the vulnerability of cross-chain bridges and liquidity pools to flash loan attacks. Although Allbridge Core took measures to halt operations, the damage has already been done. The market needs more advanced protection mechanisms against such manipulations, including dynamic oracles and enhanced real-time monitoring of asset ratios in pools.