Allbridge, the latest victim of cyber-attacks, has issued a statement to inform its fraternity about the ongoing developments via its official Twitter space. Per the statement, the multichain token bridge has received $465k worth of BNB tokens from the hacks’ perpetrators. The remaining lost amount is retained as a white hat reward by the exploiter. Shortly after learning of the attack, Allbridge had offered the attacker a white hat bounty and immunity from any legal consequences if the stolen amount was returned.
Allbridge is a cross-chain bridge that facilitates different blockchain networks to move crypto assets with each other through liquidity pools. During the last weekend, a cyber criminal managed to manipulate the Allbridge’s liquidity pools prices on BNB chain via a flash loan and stole away funds.
A recap of unfolding events since the hack
On April 1, PeckShield, a blockchain security company, suspected the attack on BUSD/USDT pools on the BNB chain and informed Allbridge via Twitter. At that moment, an individual was manipulating the prices of BNB chain pools swap posing as a swapper and liquidity provider.
Allbridge was then forced to halt its bridge protocols and issued a statement offering the cybercriminal with an undisclosed bounty. According to the calculations done by security firms PeckShield and CertiK, the exploiter has managed to steal around $550K worth of funds. The victim platform, however, has not made its loss public, yet.
In its official statement, the platform also mentioned another hacker who has not contacted the team yet. Allbrige urged the individual to come forward and discuss terms for returning the funds.
Prior to this development of receiving stolen funds, the platform announced about setting up of a recovery fund in order to reimburse the victims of the hack.
Hacking attacks increased in March
In March, there was a surge in the value of digital assets, which led to an increase in hacking attempts. PeckShield’s report states that in the preceding month, there were 26 instances of malicious attacks in the industry. According to the report, cyber criminals stole over $211 million worth of cryptocurrency, a 500% rise from the $35.3 million stolen in February.
Per the report, Euler Finance, a decentralized lending protocol on the Ethereum network, was the biggest victim of cyber attacks last month and its loss accumulated to 93% of the total stolen amount. The cybercriminals stole $197 million from Euler Finance. DeFi projects SafeMoon and ParaSpace stood second and third on the victims’ list. Both platforms lost $8.7 million and $5.2 million to hackers, respectively.
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