$2M Heist Hits Allbridge as Crypto Bridge Exploits Continue

A cross-chain bridge protocol called Allbridge has been exploited for approximately $2 million. The attacker bridged funds from Solana to Ethereum before converting them into ETH, a type of cryptocurrency.

Allbridge is designed to move stablecoins between blockchain networks and has previously suffered an attack in April 2023 that resulted in roughly $570K in losses.

This incident marks the second time Allbridge has been targeted by attackers. The protocol's ability to recover funds through a white-hat hacker arrangement, as seen in its previous attack, is now being put to the test with a larger theft spanning two blockchain ecosystems.