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Allbridge hacker returns $465k of stolen user funds

crypto news bank vault green and red lights on the background pencil sixties retro futuristic illustration

crypto news bank vault green and red lights on the background pencil sixties retro futuristic illustration

Shortly after $573,000 worth of crypto was stolen from Allbridge, a perpetrator of the vulnerability has accepted the offer of a “white hat reward” and returned 1,500 BNB.

The perpetrator of the theft of around $573,000 worth of tokens from the multichain token bridge Allbridge seems to have accepted the project’s offer of a white hat reward and immunity from legal reprisal, which resulted in the restoration of a significant chunk of the stolen funds.

On April 3, Allbridge tweeted that it had received a message from an individual and that 1,500 BNB, valued at around $465,000, had been returned to the initiative.

Allbridge said the leftover monies would be regarded as a “white hat reward” for the individual. It was informed that the “received BNB” was then transformed into the stablecoin Binance USD for compensation.

Allbridge hack

The blockchain security company Peckshield was the first to recognize the attack on April 1. It warned Allbridge on Twitter that the price of the BNB Chain pools swap was being manipulated by an individual acting as both a liquidity provider and a swapper.

Once the vulnerability was discovered, Allbridge made an offer to the attacker. In exchange for a reward, they may avoid any legal consequences.

The amount that was taken has yet to be made public by Allbridge; however, blockchain security firm CertiK has estimated that the amount is close to $550,000. PeckSheild has estimated that the exploit resulted in the theft of approximately $573,000 worth of cryptocurrency, including $282,889 in BUSD and $290,868 price of Tether.

After the original breach, Allbridge showed that it actively pursued the stolen cash and collaborated with many organizations to recover the ill-gotten gains.

One of the parties that gave a response to the call to arms was BNB Chain, which said in a tweet dated April 2 that it had identified at least one of the individuals responsible for the attack via the use of on-chain analysis.

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1 Comment

  • mariano gomez saunders

    April 10, 2023 - 8:25 am

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