Allbridge Cross-Chain Bridge Exploited for $1.65 Million

Cross-chain bridge protocol Allbridge has fallen victim to an exploit that resulted in the loss of approximately $1.65 million, according to cryptocurrency analyst Hupzy.

The incident saw stolen funds quickly moved from the Solana (SOL) network to Ethereum (ETH), with blockchain security researcher Hupzy first flagging suspicious activity and noting that the attacker had bridged the stolen assets across networks to obfuscate the trail.

Preliminary analysis suggests a vulnerability in Allbridge's smart contract logic may have been exploited, although the exact method of the exploit remains under investigation. The Allbridge team has not yet released an official statement regarding the incident.

The latest exploit adds to a growing list of attacks on cross-chain bridge protocols, which have become a prime target for hackers due to the large pools of locked liquidity they manage. Over $2 billion has been lost to cross-chain bridge exploits since 2021, according to data from DeFiLlama.