allbridge

ChainCatcher news, the cross-chain bridge Allbridge announced that, despite some funds being recovered, it has begun to compensate affected users. The first to receive compensation will be the cross-chain bridge users whose transactions were left pending due to an emergency shutdown, followed by liquidity providers (LPs). Allbridge stated that it reopened the liquidity pool last Sunday, allowing users to withdraw funds, which enabled most LPs to withdraw their assets. However, some users were unable to withdraw reasonable amounts due to being hacked.Allbridge plans to use its available funds to fully compensate the victims of these exploits. Allbridge is drafting an application form for LPs who are unable to withdraw their assets, detailing their losses and requesting compensation. The form will be ready in the next two days. Allbridge will close the liquidity pool this weekend and hopes to begin the compensation process within the following week. (source link)

ChainCatcher message, the cross-chain bridge Allbridge officially stated, "The owner of the address 0xC578 contacted our team and has returned 1500 BNB, and the remaining funds will be considered a white hat bounty for this person. We have exchanged the received BNB for BUSD as compensation. Additionally, there is another address involved in the hack that used the same exploit technique but did not contact us. We are trying to invite this attacker to discuss the issue of fund return." (source link)

ChainCatcher message, [BNB Chain](https://www.rootdata.com/zh/Projects/detail/BNB Chain?k=Mzcz) tweeted that they have identified the cross-chain bridge Allbridge attacker through on-chain analysis and are actively supporting the Allbridge team in the recovery of funds. The Allbridge team has offered a bounty to the hacker.It is reported that on April 2, PeckShield tweeted that the cross-chain bridge Allbridge was attacked by hackers, resulting in a loss of approximately $570,000, including 282,889 BUSD and 290,868 USDT. The fundamental reason for the attack was that the hacker manipulated the exchange rate of the liquidity pool, acting as both LP and Swapper to manipulate prices and deplete the funds in the pool. (Source link)

ChainCatcher message, the cross-chain bridge Allbridge announced that it is investigating the status of the BNB Chain liquidity pool. During the investigation, the bridge has been temporarily closed. Previously, the Shield reminded Allbridge that the formula suspected to be related to Swap might have been manipulated. (Source link)