Allbridge suffered a flash loan attack for $573k

Allbridge suffered a flash loan attack for $573k

Summary #

On April 2, 2023, AllBridge, a multichain token bridge, fell victim to an exploit that resulted in approximately $573,000 worth of assets being drained from its BNB Chain pools. The attacker, acting as both a liquidity provider and a swapper, exploited a flaw in a smart contract that enabled them to manipulate swap prices. This led to the theft of $282,889 in Binance USD (BUSD) and $290,868 in Tether (USDT).

Attackers #

The identity of the attacker is unknown.

BSC:

source

Losses #

  • $573,000

Timeline #

  • April 2, 2023: The Allbridge exploit occurs. The bridge is promptly shut down to prevent further attacks on other pools.
  • April 3, 2023, 07:13:26 PM +UTC: The team sends on-chain message to attackers, offering a white hat bounty for the return of the stolen assets and promising not to pursue legal action if the funds were returned.
  • April 3, 2023, 04:07:52 PM +UTC The attacker returns around 1500 BNB ($466,144) to the project
  • April 5, 2023: A significant amount of BNB, approximately 507.3 BNB worth about $159K, is transferred from an address labeled as Allbridge Exploiter to Tornado Cash.

Security Failure Causes #

  • Smart Contract Vulnerability: The root cause of the exploit was a flaw in the withdraw function of the smart contract. This flaw allowed the attacker to manipulate the swap price in the liquidity pool to their advantage.