BNB Chain has performed on chain analysis to identify the culprit behind the attack on Allbridge, a trust-swapping and cross-chain asset exchanging platform. The analysis was conducted to help and support the Allbridge team on fund recovery. Following the attack, the team had no choice but to temporarily close the bridge while carrying out investigations. After due diligence, results revealed the hackers managed to get away with a total loss of around 570,000 USD (including approximately 280,000 BUSD and about 290,000 USDT).

This attack saw hackers manipulating the Swap price of the fund group. They placed themselves in dual roles since they were both liquidity providers as well as traders, which allowed them to withdraw funds from the pool. As of now, the issue has been fixed and the price of ABR has also been properly adjusted.

Allbridge is a bridge between both EVM (like Ethereum, Polygon, BSC) and non-EVM compatible (like Solana, Terra) blockchains whose mission is to make the blockchain world borderless by providing users with a tool to move assets freely between different networks. In the future, Allbridge aims to cover L2 (such as Arbitrum and Optimism) solutions and NFT transfers. The team has also expressed their appreciation to AvengerDAO for its part in the recovery effort.

In conclusion, blockchain security is vital to instill investor confidence. At the same time, it is also key to safeguard the wellbeing of users, both individuals and companies. Even though security may represent an initial cost, its implementation goes a long way in ensuring digital asset exchanges remain safe and secure against malicious actors.



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