Allbridge, a multichain token bridge, has managed to recover a significant portion of the funds that were stolen from it earlier this month.
On April 1, blockchain security firm Peckshield identified an attack on Allbridge, with an individual manipulating the project’s BNB Chain pools swap price. While the exact amount stolen has not been disclosed, estimates range between $550,000 and $573,000.
Following the attack, Allbridge offered the exploiter a white hat bounty and a chance to avoid any legal action.
In response, an individual returned 1,500 BNB, worth approximately $465,000, to Allbridge. Allbridge has since converted the BNB to BUSD, a stablecoin, for use as compensation.
The remainder of the stolen funds will be considered a white hat bounty, according to Allbridge. The company has also urged the second exploiter, who used the same method, to come forward and discuss the return of the funds.
Allbridge has been working with several organizations, including BNB Chain, to retrieve the stolen funds.
BNB Chain confirmed on April 2 that it had identified one of the culprits involved through on-chain analysis and was “actively supporting the Allbridge team on the fund recovery”. Allbridge praised AvengerDAO for its efforts in the recovery as well.
Despite the recovery of some of the funds, Allbridge has not yet disclosed the exact amount stolen or provided further comment on the incident.
Read Next
- Hedera (HBAR) Crypto Soars Over 20% in One Week Thanks to Network Partnership
- Norway Seizes $5.8 Million in Cryptocurrency Stolen by North Korean Hackers
- Top 10 Hacks Of 2022: Over 3.5 Billion Lost in Total
- Elon Musk Asks Court to Dismiss $258 Billion Lawsuit Over Dogecoin Tweets
- AI creators should pay for news content used in their products, says News Corp CEO
Previous Articles:
- South Korean Prosecutors Seize $160M in Assets Linked to Terraform Labs Collapse
- What Is The CryptoNote Protocol Monero Is Using?
- Flashbots Loses Around $20M in Innovative Cyber Attack: Insider Information Exploited by Hacker
- Hedera (HBAR) Crypto Soars Over 20% in One Week Thanks to Network Partnership
- Astar Network to Launch Multichain Smart Contracts Supporting EVM and WASM VM
