Allbridge compensates stuck bridge users after recovering funds On April 3, Allbridge reported an individual had returned 1,500 BNB tokens worth roughly $465,000 of the total $573,000 taken from their multichain token bridge. The remaining funds were accepted as a white hat bounty for the individual’s assistance in rectifying the situation without legal repercussions. This comes after Allbridge offered a white hat bounty in order to hopefully regain the lost funds. This appears to have worked, as the majority of what was taken has been returned.
On April 1, blockchain security firm Peckshield identified an attack on Allbridge’s BNB Chain pools swap price that had been carried out by a liquidity provider and swapper. Following the exploit, Allbridge offered the attacker a bounty to recover the stolen funds. Estimates of how much was stolen range from $550,000 by blockchain security firm CertiK to $573,000 according to PeckSheild.
A separate address used the same exploit and is linked to a wallet containing 0.97 BNB, worth around $300. Allbridge has asked the second exploiter to contact them in order to discuss the return of these funds and they are working with a variety of organizations to retrieve the stolen loot. All funds received were then converted to stablecoin Binance USD which was used for compensation.
Additionally, Allbridge has yet to publicly disclose the exact amount that was stolen.
The amount stolen was converted to Binance USD, a stablecoin, so it could be used as compensation. Allbridge is currently attempting to recover the stolen funds, working with various organizations and appealing to the second exploiter to come forward in order to discuss the return of the money. The estimated value of what was taken ranges from $550,000 to $573,000. A separate address is linked to a wallet containing 0.97 BNB, worth around $300.
On April 2, BNB Chain took to Twitter to announce it had identified one of the perpetrators responsible for the AllBridge protocol hack via on-chain analysis. The company stated it was “actively supporting” the AllBridge team in their attempt at fund recovery and gave recognition to AvengerDAO for its assistance. Furthermore, BNB Chain urged its followers to “remain vigilant” of such malicious attacks and take steps towards protecting their digital assets. The company concluded its tweet by wishing the AllBridge team “all the best” in their fight for recovery.
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