Allbridge announces recovery plan after recovering $467K of stolen funds

Cross-chain project Allbridge has revealed that it has recovered $467,000 worth of stolen funds, announcing a recovery plan on April 4.

Allbridge recovers 1,500 BNB

all bridge Said 1,500 BNB (currently valued at $467,000) returned by the owner of the account containing the stolen funds. The project said it would allow account holders to keep any remaining unreturned funds as white hat bounties.

The project also said a second address carried out the same attack but had not contacted the project to negotiate the return of the affected funds.

Elsewhere, Binance CEO Changpeng Zhao Admitted Binance’s involvement in the incident. He said Binance’s ability to identify attackers likely helped facilitate their return.

the current, April 4th, says Allbridge will start paying back to the community. First, we will compensate users whose transactions were interrupted during the emergency shutdown of the platform. It then compensates affected Liquidity Providers (LPs).

the attack started a few days ago

Allbridge was originally hacked on April 1 in an attack targeting the project’s BUSD/USDT pool on Binance’s BNB chain. Allbridge said the attack only affected those of his BNB chain pools, but the exploit could extend to other pools.

To protect itself, Allbridge immediately shut down its bridge platform and created a web interface for liquidity pool operators to withdraw their balances.

According to Allbridge information, the bridge is still closed. websiteThe project’s liquidity pool came online on April 2nd but will be closed again during the compensation process.

The total amount of stolen funds is still unknown.Initial quotes from a blockchain security firm pec shield We estimate that approximately $570,000 was stolen during the attack. However, it’s unclear if more funds were stolen after the initial reports.

Allbridge’s native cryptocurrency token (ABR) price is up 0.8% over the past hour and has fallen 1.4% over the past 7 days.

A post announcing Allbridge’s recovery plans after recovering $467,000 in stolen funds first appeared on CryptoSlate.

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