Allbridge team offers bounty reward for its swap pool exploiter
The Allbridge team offered a way for the hacker to get out from any legal ramifications with suitable rewards.
Allbridge Classic is a generalized bridge between EVM and non-EVM compatible blockchains, supporting native and wrapped token transfers.
On 1 April 2023, A hacker successfully manipulated the BNB Chain pools swap price and further he succeeded to drain the pool of $282,889 in Binance USD (BUSD) & $290,868 worth of Tether (USDT).
On 2 April, the Allbridge team confirmed that they are tracking that hacker and also in contact with law firms & law enforcement agencies to take action against him.
On 3 April, Allbridge offered the exploiter to return the stolen funds for some undisclosed amount of bounty reward & no legal action.
Crypto analytic security platform Certik noted that the exploiter tricked the swap pool with the help of a flash loan attack.
Earlier this Euler Finance faced a flash loan attack and lost $196 million worth of crypto assets but later hacker returned 90% of the stolen funds to the team.
Popular crypto security firm Peckshield reported that March 2023 was one of the worst months of this winter season because this month saw hack attacks on 26 crypto platforms and all resulted in a loss of $211 million.
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