The cross-chain bridge Allbridge Core was targeted in an attack that resulted in estimated losses of around US$ 1,65 million, according to analyses by blockchain security firms. In light of the incident, the responsible team chose to temporarily suspend the protocol while conducting a detailed investigation.
According to Onchain Lens, an on-chain data provider, the attacker used a flash loan of approximately US$ 1,12 million obtained on the Kamino protocol, based on the Solana network. With these resources, the attacker was able to manipulate liquidity rates within a cryptocurrency pool, carrying out rapid swaps between USDC and USDT.
The strategy made it possible to exploit momentary distortions in the pool's prices, enabling withdrawals under advantageous conditions. After executing the operation, the assets were moved through privacy-focused protocols, making transaction tracing more difficult.
Security firms such as PeckShield and CertiK identified that the diverted amounts were transferred from the Solana network to Ethereum, increasing the complexity of tracing. This type of movement between different blockchains is common in attacks of this kind, as it adds additional layers of obfuscation.
In a statement published on X, the Allbridge team said it had suspended the protocol as a preventive measure and advised users to withdraw liquidity from the affected pools. The decision seeks to contain possible additional impacts while the issue is being analyzed.
The team also highlighted that the imbalance generated in the pools created a temporary positive arbitrage opportunity. This type of scenario can arise when there are abrupt distortions in prices within liquidity pools, allowing quick gains for attentive participants.
