The Allbridge Core team paused its stablecoin bridge on Solana after a security breach that resulted in $1.65 million in losses.
The attacker used a flash loan and rapid swaps to manipulate the exchange rate of stablecoins. They transferred the stolen funds to Ethereum and then to private pools.
This marks the sixth bridge-related incident since May.
According to Onchain Lens, the attacker took a $1.12 million flash loan in USDC on Kamino, swapped it for USDT, and distorted the exchange rate in the Allbridge Core stablecoin pool. They then withdrew liquidity, repaid the loan, and kept the difference.
In April 2023, a similar flash-loan attack on Allbridge's BNB Chain pool caused $573,000 in losses. The attacker acted as both a liquidity provider and swap participant, exploiting a smart contract vulnerability.
In June, the Taiko team urged users to withdraw assets after a $1.7 million theft. The bridge resumed operations 11 days later.
Weeks earlier, Secret Network was attacked, resulting in $4.67 million in losses. Other recent incidents include Gravity Bridge, Verus Bridge, and Butter Network.