Allbridge Suspends Core Protocol After $1.65M Solana Flash Loan Exploit

TheNewsCrypto2026-07-20 tarihinde yayınlandı2026-07-20 tarihinde güncellendi

Özet

Cross-chain protocol AllBridge Core suspended operations after suffering a $1.65 million flash loan exploit on its Solana deployment. The attacker manipulated a stablecoin pool's exchange rate using a $1.12 million USDC loan from Kamino, creating a price imbalance to perform a profitable arbitrage. Stolen funds were moved to Ethereum via privacy pools. This is the protocol's second such attack, following a $573,000 exploit in April 2023. The suspension causes operational delays, reduces cross-chain liquidity, and highlights persistent security vulnerabilities in bridge protocols and automated market maker systems.

Cross-chain platform AllBridge Core shut down its operations following a security issue that resulted in the loss of $1.65 million on Sunday. The hack specifically occurred within the AllBridge Core deployment on the Solana blockchain. The attacker transferred the funds stolen via the bridge from Solana to the Ethereum blockchain. The hacker swiftly transferred the stolen funds through privacy pools to cover his tracks.

The perpetrator executed a well-thought-out flash-loan strategy to influence the exchange rate in the pool for stablecoins. As per on-chain data, the hacker took out a loan of $1.12 million in USDC from the lending platform Kamino. Quick switching between USDC and USDT led to a price imbalance within the pool balance. This price imbalance created a favorable arbitrage opportunity for the perpetrator.

The exploiter then took the liquidity from the pool at exaggerated prices to gain huge profits. The profit earned after repayment of the Kamino loan was retained by the perpetrator as loot. The entire trade reveals major flaws in the mathematical equation of the automated market maker pricing system.

Recurrent Cross-Chain Bridge Attacks

This particular event marks the second instance of an attack on Allbridge Core via a flash loan hack, after a previous $573,000 heist targeting its BNB Chain pools in April 2023. In addition, pausing the bridge would mean that there are operational delays, with the process of sending funds across chains coming to a temporary halt. This would have implications not only for trading operations but would reduce the possibility of the liquidity needed by traders and institutions being moved across.

At the same time, there is a threat that long-term protocol outages will mean the loss of revenue streams due to reduced transactions, thus making users and liquidity providers consider alternative means of bridging. Finally, security pauses in cross-chain protocols act as a reminder about the security challenges associated with liquidity pools, thus requiring investors to change their risk management strategy for bridges.

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İlgili Sorular

QWhat was the main action taken by Allbridge Core after the security incident?

AAllbridge Core shut down its operations, suspending its core protocol following the exploit.

QWhat type of attack strategy did the hacker use in the Allbridge exploit?

AThe hacker executed a flash loan strategy, specifically taking out a large USDC loan from the Kamino lending platform on Solana.

QHow did the attacker's actions create an opportunity for profit?

ABy quickly swapping between USDC and USDT, the attacker created a price imbalance in the liquidity pool, which allowed them to withdraw liquidity at exaggerated prices for a large profit after repaying the flash loan.

QWhat does the article mention about previous similar incidents involving Allbridge?

AThe article states this is the second flash loan attack on Allbridge Core, with a previous heist of $573,000 targeting its BNB Chain pools in April 2023.

QWhat are some potential consequences of a core protocol being paused, as mentioned in the article?

AConsequences include operational delays for cross-chain transfers, reduced liquidity movement for traders and institutions, potential loss of revenue from reduced transactions, and users possibly seeking alternative bridging solutions.

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Tartışmalar

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