CoinDesk·3 min read·hard
Cross-chain protocol Allbridge halts after $1.65 million flash loan exploit
F
Francisco Rodrigues
✦AI Summary
The cross-chain protocol Allbridge has paused operations following a $1.65 million flash loan exploit. The attacker manipulated liquidity pool ratios to withdraw assets, prompting the platform to request the return of funds from arbitrageurs.
Allbridge is a bridge that lets users move assets between blockchains that do not communicate directly. Its Core product uses liquidity pools to transfer native stablecoins such as USDC and USDT without issuing wrapped versions of the assets.
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