Allbridge, a decentralized finance (DeFi) platform, has fallen victim to a hack that has resulted in a loss of approximately $570,000 in cryptocurrency. The attack was carried out by a skilled actor who played dual roles in the platform’s liquidity pool (LP) and swap mechanism to manipulate the pool’s swap price, ultimately draining the funds from the pool, PeckShield, a blockchain security and data analytics company, said in a tweet.
In response to the recent cyber attack, Allbridge promptly addressed the issue and took necessary measures to mitigate the damage. The foundation announced on its official Twitter account that they are investigating the current issue with the BNB chain pool.
To prevent further breaches by the cybercriminal, Allbridge temporarily suspended the Bridge and initiated an urgent investigation to identify and address the problem as quickly as possible.
Furthermore, Allbridge has expressed its intention to compensate the victims of the recent hack and has revealed plans to launch a dedicated withdrawal site for individuals providing liquidity to the project.
In another development, Arbitrum (ARB), a provider of Ethereum layer two solutions, has reversed its stance on the governance of the AIP-1 protocol. In a recent tweet, Arbitrum stated that its initial governance proposal, AIP-1, is expected to be unsuccessful and added that the company is “committed to addressing the feedback received from the community.”
In the wake of the recent hack, the native token of Allbridge, ABR, has taken an adverse turn in trading. Over the last 24 hours, the price of ABR has dropped by 0.25%, currently trading at $0.1952. The bears have established a support level of $0.1942 and a resistance level of $0.2039.
