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Attack on Allbridge: BUSD/USDT Fund Pool targeted on BNB Chain

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On April 3rd, Allbridge tweeted that the attack targeted the BUSD/USDT fund pool on BNB Chain, and only the fund pool on BNB Chain was affected by the attack, but the vulnerability

Attack on Allbridge: BUSD/USDT Fund Pool targeted on BNB Chain

On April 3rd, Allbridge tweeted that the attack targeted the BUSD/USDT fund pool on BNB Chain, and only the fund pool on BNB Chain was affected by the attack, but the vulnerability may extend to other fund pools. At present, the cross chain bridge has been temporarily suspended to prevent other fund pools from being attacked by hackers. After the vulnerability is fixed, it will restart. In addition, Allbridge has deployed a web interface for liquidity providers to open asset extraction. Finally, Allbridge stated that a plan is being prepared to compensate users affected by the attack.

Allbridge: Asset extraction interface has been deployed for liquidity providers to compensate users affected by the attack

Introduction

Allbridge, a cross-chain bridge protocol, recently suffered a security breach in its BUSD/USDT fund pool on Binance Smart Chain (BSC). On April 3, Allbridge confirmed that only the fund pool on BNB Chain was affected by the attack, but the vulnerability may extend to other fund pools as well. In response, Allbridge temporarily suspended its cross-chain bridge to prevent other fund pools from being attacked. This article will provide a detailed account of the attack and its aftermath.

What happened?

According to Allbridge, the attack happened on April 2nd, when an unknown hacker exploited a vulnerability in the BUSD/USDT fund pool’s contract code. The hacker managed to transfer 341,000 BUSD and 165,000 USDT, worth approximately $3.6 million, from the Allbridge fund pool to their own address. Allbridge promptly notified its users about the attack and suspended the cross-chain bridge.

Extent of the vulnerability

In its statement, Allbridge stated that the vulnerability may extend to other fund pools as well. This means that any other fund pool using the same contract code may be at risk of attack. To prevent such attacks, Allbridge has suspended the cross-chain bridge across all its supported blockchains.

Allbridge’s response

After the attack, Allbridge acted swiftly to contain the damage and prevent further attacks. The team contacted Binance and other exchanges to freeze the hacker’s assets and freeze others that might be involved in the attack. They are also working on fixing the vulnerability and restarting the cross-chain bridge after thoroughly auditing the code.
In addition, Allbridge has deployed a web interface for liquidity providers to open asset extraction. Asset extraction enables liquidity providers to withdraw their assets held in Allbridge’s fund pool following the attack’s disruption.
Furthermore, Allbridge has assured its users that it is preparing a compensation plan to compensate for losses that occurred due to the attack.

Conclusion

The attack on Allbridge’s BUSD/USDT fund pool is yet another reminder of the cybersecurity risks associated with blockchain and DeFi protocols. Allbridge acted quickly and responsibly to limit the damage and prevent future attacks. Still, the incident highlights the need for more robust security measures and constant auditing of protocols to detect and respond to potential threats effectively.

FAQs

Q1. Has Allbridge confirmed the source of the attack?
Allbridge has not yet shared any information on the source of the attack. However, they have assured users that they are working with relevant authorities and security experts to investigate the attack.
Q2. Can users still access their assets in Allbridge’s fund pool?
Allbridge has suspended the cross-chain bridge across all its supported blockchains to prevent further attacks. However, the team has deployed a web interface for liquidity providers to open asset extraction.
Q3. How can users protect themselves from such attacks in the future?
Users can protect themselves by staying informed about the latest cybersecurity threats and following best practices, such as using hardware wallets, using complex passwords, and avoiding suspicious links or emails.

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