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Ethereum $2,771.41 -2.85%
BNB $836.88 -3.43%
Optimism $0.30 -16.18%
Arbitrum $0.20 -6.62%
Solana $128.70 -3.98%
Polygon $0.22 +2.77%
Cosmos $2.49 -9.64%
Avalanche $13.28 -4.50%

Allbridge Platform Hacked, $570K Lost in DeFi Security Breach

PeckShield reported a security breach on Allbridge, a cross-chain bridging solution provider. The hack resulted in a significant loss of funds, totaling approximately $570,000 (282,889 BUSD + 290,868 USDT).

According to PeckShield, the root cause of the breach appears to be the manipulation of the pool's swap price.

"The actor plays dual roles of acting as LP and swapper to manipulate the price and then drain the pool funds." PeckShield further explained.

The @Allbridge_io hack results in the loss of ~$570K (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 LP and swapper to manipulate the price and then drain the pool funds. https://t.co/JiPwVHsaCi pic.twitter.com/FY2wwA6IHm
— PeckShield Inc. (@peckshield) April 2, 2023

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Allbridge Platform Hacked, $570K Lost in DeFi Security Breach

All Comments

Recommended for you

WLFI reserve firm ALT5 Sigma to be investigated for violating SEC disclosure requirements.

BTC briefly fell below $83,000

The S&P 500 and Nasdaq indices once hit new lows in more than two months.

Federal Reserve's Williams said a rate cut is possible "in the near future," prompting traders to increase their bets on a December rate cut.

BTC breaks through $84,000

Polymarket predicts the probability of a 25 basis point rate cut by the Federal Reserve in December has risen to 61%.

Traders expect a greater than 50% probability of a Federal Reserve rate cut in December.

S&P 500 and Nasdaq 100 futures narrowed their losses.

Total liquidation amount across the entire network exceeded $2 billion in 24 hours.

Strategy's Executive Vice President sold another $1 million worth of MSTR stock.

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