Allbridge Core Suspends Operations After $1.65M Flash Loan Attack
Cross-chain stablecoin bridge Allbridge Core paused operations following a $1.65 million exploit, urging users to withdraw liquidity from affected pools. The attacker used a $1.12 million flash loan to manipulate USDC/USDT ratios and drain funds.
Allbridge Core, a cross-chain stablecoin bridge, has suspended operations after a flash loan attack that resulted in approximately $1.65 million in losses. The service advised users to withdraw liquidity from the compromised pools.
According to blockchain security firms PeckShield and CertiK, the attacker obtained a $1.12 million flash loan, manipulated the USDC/USDT ratio in the liquidity pools, and withdrew around $1.65 million. The stolen funds were subsequently moved from Solana to Ethereum.
Security analysts Onchain Lens also reported the incident, highlighting the use of a flash loan to alter pool balances before the withdrawal.
Source: ForkLog