Hacker offered bounty after exploiting $573,000 worth of crypto from DeFi platform
Cross-chain bridging solutions provider Allbridge is promising leniency to the hacker who exploited the multi-chain tool days ago if stolen funds are returned.
While offering a “white hat bounty” to the hacker, Allbridge says that it will not take legal action against the attacker if the funds are returned.
“Firstly, we are proposing a white hat bounty for the recovered assets. Legal action will not be pursued against the white hat. Please contact us through our official channels (ie Twitter direct messages, Telegram channel).”
According to the multi-chain bridge, the stablecoin pools of Binance USD (BUSD) and Tether (USDT) pairs were targeted in the attack. Allbridge says it has temporarily suspended the bridge.
“The exploit targeted BUSD/USDT pools on the BNB Chain. This attack comes as a devastating blow to our team, but our main priority is working to make it up to our community.
The bridge is temporarily suspended to prevent potential exploitation of the other pools. We will restart it once the vulnerability is fixed.”
According to blockchain security and data firm PeckShield, just over $282,000 was in BUSD and just over $290,000 in USDT lost in the attack.
“The Allbridge_io hack results in a loss of approximately $570,000 (282,889 BUSD + 290,868 USDT). The root cause appears to be the manipulation of the pool’s exchange price. The actor plays two roles of acting as a liquidity provider and exchange to manipulate the price and then drain the pool funds.”
On what the users affected by the exploitation can expect in the future, the multi-chain bridge says,
– Finally, we draw up a plan to compensate those affected by the attack. We will be able to share more information soon.”
BNB chain says that it is working with Allbridge with a view to recovering the funds while the identity of the attacker is revealed.
“BNB Chain has identified the Allbridge attacker after on-chain analysis. We are actively supporting the Allbridge team in the recovery of funds. The Allbridge team has offered the hacker a bounty.”
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