Allbridge’s Repeated Security Breach: Same Scenario Three Years Later
Allbridge suffers a $1.65 million flash-loan attack on Solana.
1Details of the Attack
Allbridge was hit by a $1.65 million flash-loan attack on Solana. The attacker used a $1.12 million USDC flash-loan from Kamino to manipulate the USDC/USDT liquidity pool and withdrew funds.
2Previous Similar Incident
This is Allbridge’s second flash-loan attack in three years. In 2023, a similar attack on BNB Chain resulted in a loss of $573,000. Both incidents involved liquidity pool manipulation.
3Method of the Attack
The attacker quickly converted the USDC obtained through the flash-loan into USDT, disrupting the pool’s balance. This manipulation allowed the attacker to withdraw funds at inflated values, causing a $1.65 million loss.
4Differences and Similarities
The two attacks occurred on different blockchains but used similar methods. In the 2023 attack, funds were transferred to Tornado Cash, while in 2026, funds were moved from Solana to Ethereum.
5Recovery Efforts
Allbridge has asked traders who profited from the arbitrage opportunity to return the funds. However, no recovery has been confirmed so far.
6Importance for DeFi Security
This incident highlights the need for DeFi platforms to revisit their methods of protecting liquidity pools from short-term price manipulations.
Original article: DailyCoin — Allbridge’ın Tekrarlanan Güvenlik İhlali: Üç Yıl Sonra Aynı Senaryo