allbridge Core was attacked and some $1.66 million of encrypted assets were stolen

The security incident at the Trans-Cyber Bridge again affected the stable currency infrastructure. When Allbridge Core was used by hackers, approximately $1.66 million of encrypted assets were transferred out of the country, involving multiple chained mobile pools. Following the incident, the parties suspended the related bridging services and began to work with security agencies to track the flow of funds.

It involves two chains.

Public information indicates that the impact was on the cross-chain stabilization currency bridge component of Allbridge Core. The stolen funds came mainly from the mobility pools on BNB Chain and Avalanche, from which the attackers removed their assets by manipulating exchange prices.

Allbridge Core is a cross-chain transfer product in the Allbridge system, mainly for stable currency transfers between different block chains. The incident demonstrated that the weaknesses of the cross-chain bridge in liquidity management and pricing mechanisms could still be used quickly.

The service has been suspended.

Following the exposure of the incident, the projector indicated that the bridge service for Allbridge Core had been suspended to prevent further losses from being increased. At the same time, the team is communicating with block chain security companies and associated partners to try to identify the route of the attack and trace the transferred assets.

In past cases, disposals after a cross-chain attack typically include suspension agreements, chain-marking of the address of the attack, contact to a trading platform and an assessment of whether there is room for financial recovery. Follow-up to the incident will focus on the security of the remaining funds and the restoration of the affected pool.

Cross-chain bridge risk is on the line.

Cross-chain bridges have long been one of the areas with a high incidence of security incidents in the encryption industry, as they are linked to multiple chains and contract structures and liquidity designs are often more complex. Once there is a gap in pricing, validation or transmission, the aggressor may in a short period of time magnify the gains.

For Allbridge Core, the attack not only resulted in direct financial losses, but also affected the confidence of users in the use of the cross-chain stabilization bridge. The market will then follow up on whether the project party will publish a more complete technology reset, as well as on the processing options of the affected users.