Allbridge Core has been exploited, with over $1.1 million USDC stolen from the Solana blockchain

BlockBeats News, July 20th, according to OnchainLens monitoring, the cross-chain protocol Allbridge Core was attacked on the Solana network, where the attacker exploited the stablecoin pool exchange rate to steal over $1.1 million.

The attacker first borrowed $1.12 million USDC through Kamino flash loan, then manipulated the Allbridge stablecoin pool's liquidity ratio by quickly exchanging USDC/USDT, extracting liquidity using the manipulated rate, and finally repaying the flash loan in the same transaction.

Currently, the attacker has transferred approximately $1.1 million and used privacy protocols for coin mixing. The maximum withdrawal amount for Allbridge Core in a single transaction is around $2.24 million USDC, and further analysis of the exploit is still ongoing.