BTC PULSE
No Result
View All Result
Play Now
No Result
View All Result
BTC PULSE
No Result
View All Result
Play Now
Home Blockchain

Allbridge Offers Bounty to Recover Stolen Funds from $573K Hack

by Dan K
Apr 3, 2023 - 12:00 am
in Blockchain
Graphic representation of the address poisoning technique used in Safe Wallet crypto scam.

Allbridge, a decentralized platform that enables users to swap tokens between multiple chains, has offered a bounty to the people behind the recent $573,000 hack on its platform. The announcement came as part of Allbridge’s ongoing efforts to recover the funds stolen from its token bridge on April 1.

Conciliatory Tone and Collaborative Approach

In a series of tweets, Allbridge took a conciliatory tone and actively monitored the wallets, transactions, and accounts linked to the hackers. The platform also enlisted the help of partners and the broader crypto community on various social media platforms, including Twitter. Additionally, Allbridge alluded to working hand in hand with lawyers and law enforcement agencies to track down the perpetrators.

The Hack

The hack, noticed by blockchain security firm Peckshield, targeted Allbridge’s BNB Chain pool. By acting as a liquidity provider and swapper, the attacker could make off with more than $282,000 in Binance USD (BUSD) and a further $290,868 in Tether (USDT) from the pool. A second blockchain security company, CertiK, provided a more detailed look into how the attacker carried out the hack. The exploiter obtained a $7.5 million BUSD flash loan, started a sequence of USDT swaps, and finally made deposits into BUSD and USDT liquidity pools. CertiK claims the scammer could exchange about $40,000 in BUSD for $789,632 in USDT by manipulating the USDT price in the pool.

Reassurance and Preventative Measures

Following the attack, Allbridge sought to reassure users that only its BNB Chain pool had been affected. However, it also announced a temporary suspension of activity on the platform to assess the extent of the exploit and prevent further attacks on its other pools. The company also built a web interface to enable liquidity providers to withdraw assets from the token bridge.

Allbridge’s Overture

At the time of writing, the hacker had not yet responded to Allbridge’s bounty offer. Allbridge remains optimistic that the collaboration of the crypto community and law enforcement agencies will eventually lead to the recovery of the stolen funds.

Tags: Hack
Dan K

Dan K

Dan K, the chief editor, is a visionary wordsmith, shaping narratives with finesse. His discerning eye for detail creates literary masterpieces.

Related Posts

Arthur Hayes speaking about Bitcoin as Japan’s new Prime Minister announces economic stimulus measures

Arthur Hayes Predicts $1M Bitcoin as Japan’s New PM Unveils Economic Stimulus

October 22, 2025

Arthur Hayes predicts Bitcoin could hit $1M as Japan’s new PM Sanae Takaichi launches economic stimulus, signaling potential...

blockchain

Bolivia’s President-Elect Rodrigo Paz Turns to Blockchain to Fight Corruption

October 20, 2025

Bolivia’s new president Rodrigo Paz plans to use blockchain in public procurement and crypto asset declarations as part...

Metaplanet and Bitcoin Magazine logos, symbolizing their new partnership to expand operations in Japan.

Japan Moves Toward Allowing Banks to Buy Bitcoin Under New Regulatory Framework

October 19, 2025

Japan’s regulators are reviewing changes that could let banks buy and hold Bitcoin, signaling a major shift in...

24H HOLD token price chart showing 35% surge despite market pullback

Crypto markets surge as Trump confirms October 31 summit with Xi Jinping

October 19, 2025

Crypto markets rebound after Trump confirms October 31 summit with Xi Jinping, easing US-China tensions and sparking optimism...

View All
BTC-Pulse LogoTransparent

© 2024 BTC-PULSE. Disclaimer: The content is for informational purposes only, you should not construe any such information or other material as legal, tax, investment, financial, or other advice.

Info

  • Learn
  • Price Prediction
  • Events
  • Press Releases
  • Sitemap

Company

  • About Us
  • Terms of Service
  • Privacy Policy
  • Contact Us
  • Advertise

News

  • Altcoins
  • Bitcoin
  • Ethereum
  • NFT
  • Regulation
  • WEB 3.0

©2024 BTC-PULSE – All right Reserved.

No Result
View All Result
  • About Us
  • Advertise
  • BTC-PULSE
  • Contact Us
  • Events
  • Privacy Policy
  • Sitemap
  • Terms of Service