Allbridge Core suspended its cross-chain stabilization currency agreement following a security incident on Solana. Peck Shield, the chain security agency, estimated that the loss was approximately $1.65 million. At the same time, project participants cautioned that providers in the affected mobility pool should withdraw their funds as soon as possible.
Suspected attack on USDC/USDT pool
The information currently disclosed indicates that the incident may be related to the USDC/USDT mobility pool of Allbridge Core. The chain-monitoring account Onchain Lens states that the attackers initiated a USDC flash loan of approximately $1.12 million from Kamino and subsequently changed the pool ' s share of the assets by rapid exchange.
After the pool price has been distorted for a short period of time, the attackers then withdraw their liquidity at an abnormal rate of exchange and return the lightning loan in the same transaction. Onchain Lens estimated that more than $1.1 million had been withdrawn; Peck Shield gave an overall loss estimate of approximately $1.65 million.
The agreement was suspended and the provider was required to withdraw.
In a public statement, Allbridge indicated that the agreement was now suspended as a precautionary measure and that the team was continuing its investigations. The projecters claimed that some of the pools had been unbalanced after the attack, which also provided an abnormal pricing window for arbitrage traders.
The projecter also called for the return of the funds to the designated address if the user had profited from the abnormal price. The return of assets will be used as a priority to compensate affected liquidity providers. To date, Allbridge has not released the date of resumption of the agreement, nor has it issued a complete technical report.
The money has been transferred from Solana to the Ether House.
According to Peck Shield, stolen funds were subsequently transferred from Solana to Ethera. This means that the focus of the follow-up is likely to shift to a cross-chain path and to a lateral address.
Lightning itself does not necessarily constitute a loophole, but it can provide large, uncollateralized short-term liquidity in single-chain transactions. In the incident, it was generally believed that the borrowed funds magnified the pool price deviation and ultimately enabled the attackers to complete the value withdrawal.
Additional information:Recent security incidents across the chains continue. In May, the cross-link bridge between Verus and Ether Fong was attacked, resulting in losses of over $11.5 million; and another Transit Finance incident lost approximately $1.88 million. Allbridge does not state whether there is a technical similarity between this Solana incident and the previous case.