Cross-chain protocol Allbridge Core was hit by an exploit on Solana, according to monitoring by OnchainLens. The attacker allegedly manipulated the exchange rate in a stablecoin pool and drained more than $1.1 million. OnchainLens said the transaction began with a $1.12 million USDC flash loan from Kamino. The funds were then used in rapid USDC/USDT swaps that changed the liquidity ratio inside Allbridge’s stablecoin pool. After that, the attacker withdrew liquidity at the distorted rate and repaid the flash loan within the same transaction. The stolen funds, about $1.1 million, have already been moved and routed through a privacy protocol for mixing. OnchainLens also said the maximum single withdrawal amount on Allbridge Core was about $2.24 million USDC. Analysis of the vulnerability is still underway.
Cross-chain protocol Allbridge Core was exploited on Solana, with more than $1.1 million stolen after an attacker manipulated the pricing of a stablecoin pool, according to OnchainLens.
OnchainLens said the attacker first took out a $1.12 million USDC flash loan from Kamino. The attacker then carried out rapid USDC/USDT swaps to alter the liquidity ratio in Allbridge’s stablecoin pool, used the manipulated exchange rate to withdraw liquidity, and repaid the flash loan in the same transaction.
About $1.1 million has since been moved and sent through a privacy protocol for mixing. OnchainLens added that the maximum single withdrawal amount on Allbridge Core was about $2.24 million USDC. Analysis of the vulnerability is still ongoing.
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