Allbridge recovers almost all funds stolen a few days ago.
Allbridge, a multi-chain token decentralized finance (DeFi) bridge, was recently exploited and allegedly lost over half a million worth of crypto.
However, recently, the news broke that a malicious actor responsible for the exploit returned the majority of funds while accepting a white hat bounty offer.
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On April 3rd, Allbridge shared on Twitter that they had been contacted by an exploiter who returned 1,500 Binance Coins (BNB) worth approximately $465,000.
In the tweet, Allbridge highlighted that "the remaining funds will be considered a white hat bounty to this person." According to the company, the recovered BNB was converted to Binance USD (BUSD) stablecoin and will be used to compensate affected users.
The exploit was first discovered by a blockchain security firm Peckshield, on April 1st. The company used Twitter to inform Allbridge that malicious actors were manipulating the BNB Chain pools swap price by simultaneously acting as a liquidity provider and swapper.
Shortly after the exploit, Allbridge proposed a bounty to the attacker and the opportunity to evade legal consequences.
Although Allbridge has not revealed the precise amount of stolen funds, CertiK, another blockchain security firm, estimated the sum could be close to $550,000. On the other hand, PeckShield indicated that the attacker obtained $282,889 in BUSD and $290,868 in Tether (USDT), amounting to around $573,000.
Allbridge also disclosed another address used during the same exploit and shared a link to a wallet holding 0.97 BNB, valued at roughly $300. The company urged the second exploiter to get in touch and discuss the return of the funds.
After the incident, Allbridge was committed to recovering the stolen assets and collaborated with multiple organizations to achieve this goal. Now that most of the stolen funds have been returned, the project can concentrate on compensating the affected users and enhancing its security protocols.
