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Allbridge DeFi Protocol Recovers Stolen Crypto, Hacker Gets Bounty

2 mins
Updated by Kyle Baird
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In Brief

  • Multi-chain DeFi token bridge Allbridge says it recovered 1,500 BNB from the attacker.
  • Allbridge identified the hacker a day after the cross-chain solutions provider was hacked for $570,000.
  • At press time, the bridge has $5.1 million in total value locked with a muted 2023 performance.
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Multi-chain token DeFi bridge Allbridge has said that it has received 1,500 BNB as part of the stolen funds from the attacker.

A day after the hack that cost Allbridge $570,000, the cross-chain solution provider identified the hacker.

Allbridge Offers Bounty to Hacker

Over the weekend, Allbridge provided the address of the “UF Dao Hacker,” who returned most of the stolen money to the network in the most recent update on Twitter. According to Allbridge, the actor has returned 1,500 BNB or roughly $465,000 of the $570,000 loot.

According to the platform, the returned BNB was converted to BUSD for compensation.

However, another address was responsible for the hack. Allbridge explained, “There was a different address involved in the hack that used the same exploit technique but did not contact us…We ask the second exploiter to reach out and discuss the return.”

According to CertiK Alert, 1,400 BNB from TornadoCash were delivered to Allbridge’s recovery address.

Allbridge DeFi Recovery Address Receives 1,400 BNB | Source: CertiK
Allbridge DeFi Recovery Address Receives 1,400 BNB | Source: CertiK

The DeFi exploit reportedly occurred on April 1 on the bridge that connects EVM and non-EVM compatible blockchains. On April 2, Peckshield discovered the breach and alerted Allbridge about the potential manipulation of its swap-related formula.

The hacker managed to drain the pool of 282,889 BUSD and 290,868 USDT by manipulating the pool swap price while serving as both a liquidity provider and a swapper. However, the platform stated the same day that it was ‘tracking the hacker.’

Euler Also Recovers Stolen Loot

Allbridge gave the exploiter a bounty to return the money without facing any judicial repercussions, as per their statement. The platform claims that the vulnerability could have affected other pools beside the BUSD/USDT pools on the BNB Chain that were the focus of the exploit.

Currently, the bridge has $5.1 million in total value locked with a muted 2023 performance.

Allbridge TVL Chart by DefiLlama
Allbridge TVL Chart By DefiLlama

Meanwhile, Allbridge native ABR is also underperforming in the crypto market. At press time, it is trading close to $0.19 after losing over 2% in the past day. CoinGecko data states that the trading volume of Allbridge (ABR) has fallen 55.9% in 24 hours.

Another DeFi platform, Euler Finance, also successfully recovered all of its stolen funds from a March 13 attack. The platform announced a successful negotiation with the attacker from the $200 million exploit to return most of the stolen funds.

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Shraddha Sharma
Shraddha is an India-based journalist who worked in business and financial news before diving into the crypto space. As an investment enthusiast, she has also has a keen interest in understanding crypto from a personal finance standpoint.