Huo Xing Finance reports that on July 20, according to OnchainLens monitoring, the cross-chain protocol Allbridge Core suffered an attack on the Solana blockchain, with attackers stealing over $1.1 million by manipulating the exchange rate of its stablecoin pool. The attacker first borrowed $1.12 million in USDC via a flash loan from Kamino, then rapidly exchanged USDC for USDT to alter the liquidity ratio in Allbridge’s stablecoin pool, exploited the manipulated exchange rate to withdraw liquidity, and repaid the flash loan within the same transaction. The attacker has since transferred approximately $1.1 million and used privacy protocols to mix the funds. The maximum single withdrawal limit for Allbridge Core is around $2.24 million in USDC; analysis of the vulnerability is ongoing.
Over $1.1M in USDC stolen in Allbridge Core attack on Solana
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Summary
On-chain reports indicate that the cross-chain protocol Allbridge Core was attacked on Solana, resulting in the theft of over $1.1 million in USDC. The attackers used a $1.12 million USDC flash loan from Kamino to manipulate USDC/USDT liquidity ratios in a single transaction. The stolen funds were swiftly withdrawn and routed through privacy protocols. A protocol update is anticipated as the vulnerability is being analyzed.
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