{"id":11308,"date":"2023-04-04T22:35:56","date_gmt":"2023-04-04T22:35:56","guid":{"rendered":"http:\/\/cryptoheretostay.com\/?p=11308"},"modified":"2023-04-04T22:35:58","modified_gmt":"2023-04-04T22:35:58","slug":"allbridge-announces-recovery-plan-after-recovering-467k-of-stolen-funds","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=11308","title":{"rendered":"Allbridge announces recovery plan after recovering $467K of stolen funds"},"content":{"rendered":"<p> <script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<\/p>\n<p>Cross-chain project Allbridge disclosed that it had recovered more than $467,000 worth of stolen funds on April 3 and announced a recovery plan on April 4.<\/p>\n<h2>Allbridge recovers 1,500 BNB<\/h2>\n<p>Allbridge said that the owner of an account containing stolen funds returned 1,500 BNB (currently valued at $467,000). The project said that the account holder would be allowed to keep the remaining unreturned funds as a white hat bounty.<\/p>\n<p>The project also said that a second address performed an identical attack but has not contacted the project to negotiate a return of the affected funds.<\/p>\n<p>Elsewhere, Binance CEO Changpeng Zhao acknowledged Binance&#8217;s involvement in the case. He said Binance&#8217;s ability to identify the attacker likely helped to facilitate the return.<\/p>\n<p>Now, as of April 4, Allbridge has stated that it will begin to repay the community. It will first compensate users whose transactions were interrupted during the platform&#8217;s emergency shutdown. It will then compensate affected liquidity providers (LPs).<\/p>\n<h2>Attack began days ago<\/h2>\n<p>Allbridge was originally hacked on April 1 in an attack that targeted the project&#8217;s BUSD\/USDT pools on Binance&#8217;s BNB Chain. Allbridge said that the attack only affected those BNB Chain pools but said that the exploit could extend to other pools.<\/p>\n<p>To defend itself, Allbridge quickly halted its bridge platform and created a web interface for liquidity pool operators to withdraw their balances.<\/p>\n<p>The bridge is still closed, according to Allbridge&#8217;s website. The project&#8217;s liquidity pools were brought online on April 2 but will be closed again during the compensation process.<\/p>\n<p>The total amount of funds stolen is still unknown. Early estimates from blockchain security firm PeckShield estimate that about $570,000 was stolen during the attack. However, it is unclear if more funds were stolen following the first reports.<\/p>\n<p>The price of Allbridge&#8217;s native cryptocurrency token (ABR) is up 0.8% over the past hour and down 1.4% over the past seven days.<\/p>\n<p>The post Allbridge announces recovery plan after recovering $467K of stolen funds appeared first on CryptoSlate.<\/p>\n<p><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cryptoslate.com\/allbridge-announces-recovery-plan-after-recovering-467k-of-stolen-funds\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Cross-chain project Allbridge disclosed that it had recovered more than $467,000 worth of stolen funds on April 3 and announced a recovery plan on April 4. Allbridge recovers 1,500 BNB Allbridge said that the owner of an account containing stolen funds returned 1,500 BNB (currently valued at $467,000). The project said that the account holder [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":11309,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[3],"tags":[],"class_list":["post-11308","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/11308","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=11308"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/11308\/revisions"}],"predecessor-version":[{"id":11310,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/11308\/revisions\/11310"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/11309"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=11308"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=11308"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=11308"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}