Hacker Offered Bounty After Exploiting $573,000 in Crypto From DeFi Platform

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Cross-chain bridging solution provider Allbridge is promising leniency to the hacker who exploited the multichain tool days ago if stolen funds are returned.

While offering a “white hat bounty” to the hacker, Allbridge says that it won’t take legal action against the attacker if the funds are sent back.

“Firstly, we propose a white hat bounty for the recovered assets. Legal action will not be pursued against the white hat. Please contact us via our official channels (i.e., Twitter direct messages, Telegram channel).”

According to the multichain bridge, the stablecoin pools of Binance USD (BUSD) and Tether (USDT) pairs were targeted in the attack. Allbridge says it has temporarily suspended the bridge.

“The exploit targeted BUSD/USDT pools on BNB Chain. This attack comes as a devastating blow to our team, but our main priority is to work on making it up for our community.

The bridge has been temporarily suspended to prevent the potential exploits of the other pools. We will restart it once the vulnerability has been patched.”

According to blockchain security and data firm PeckShield, a little over $282,000 in BUSD and slightly more than $290,000 in USDT was lost in the attack.

“The Allbridge_io hack results in the loss of approximately $570,000 (282,889 BUSD + 290,868 USDT). The root cause appears to be the manipulation of pool’s swap price. The actor plays dual roles of acting as liquidity provider and swapper to manipulate the price and then drain the pool funds.”

On what the users affected by the exploit can expect going forward, the multichain bridge says,

“Lastly, we are preparing a plan to compensate those affected by the attack. We will be able to share more information soon.”

BNB Chain says that it is cooperating with Allbridge with a view of recovering the funds amid the identity of the attacker being uncovered.

“BNB Chain has identified the Allbridge attacker following on-chain analysis. We are actively supporting the Allbridge team on the fund recovery. The Allbridge team has offered the hacker a bounty.”

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The post Hacker Offered Bounty After Exploiting $573,000 in Crypto From DeFi Platform appeared first on The Daily Hodl.

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