Allbridge Core Halts Operations Following $1.65M Cross-Chain Bridge Exploit
Allbridge Core has officially paused its cross-chain stablecoin bridge following a major security incident that drained $1.65 million. The exploit specifically targeted the protocol's Solana deployment, prompting an immediate shutdown to mitigate further losses and protect remaining liquidity.
Technical analysis suggests the attacker leveraged a flash loan and rapid swaps to manipulate stablecoin exchange rates. Once the funds were extracted from Solana, the perpetrator bridged the stolen assets to Ethereum and funneled them into privacy pools to obfuscate the trail.
Allbridge Core, a prominent cross-chain stablecoin bridge, has halted its protocol operations after a security breach resulted in the loss of $1.65 million. The incident, reported on Sunday, primarily impacted the protocol's Solana-based deployment.
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