Over $573,000 in crypto was stolen from Allbridge as a result of an exploit, but the hacker has now apparently accepted the offer of a “white hat reward.”
A significant chunk of the approximately $573,500 that was stolen from the multichain token bridge Allbridge has been returned after the exploiter apparently accepted the project’s offer of a white hat bounty and no legal retaliation.
A tweet from Allbridge on April 3 reported that an individual had returned 1,500 BNB worth around $465,000. According to Allbridge, the remaining funds would constitute a white hat bounty for the individual.
Update on the exploit
1/ Our team was contacted by the owner of https://t.co/EW1uxXBQpD.
1500 BNB was returned to our team. The remaining funds will be considered a white hat bounty to this person.
— Allbridge (@Allbridge_io) April 3, 2023
It was explained that all “received BNB” was subsequently converted to the stablecoin Binance USD for compensation purposes.
It was the blockchain security company Peckshield that alerted Allbridge to the April 1 hack, tweeting that swap prices were being manipulated by a liquidity provider.
Following the exploit, Allbridge offered the attacker a reward and the opportunity to escape legal consequences.
Allbridge has not officially disclosed how much was stolen, however, blockchain security firm CertiK estimates that the amount is close to $550,000, while PeckSheild estimates that the exploit netted $282,889 in Bitcoin USD and $290,000 in Tether USDT $1.00 totalling approximately $573 000.
In addition, Allbridge revealed that a second address exploited the same vulnerability and linked to a wallet containing 0.97 BNB, which is currently worth about $300. According to Allbridge, “We asked the second exploiter to reach out and discuss a refund.”
Following the initial attack, Allbridge made it known that it was hot on the trail of the stolen funds and was collaborating with a wide variety of organizations in order to recover the treasure.
BNB Chain was among those who responded by tweeting on April 2 that it has identified at least one of the culprits using on-chain analysis.
BNB Chain has identified the Allbridge attacker following on-chain analysis. We are actively supporting the Allbridge team on the fund recovery. The Allbridge team has offered the hacker a bounty.
We'd like to recognize the effort of AvengerDAO in this recovery effort.
— BNB Chain (@BNBCHAIN) April 2, 2023
According to BNB Chain, it is “actively aiding the Allbridge team on the fund recovery” and praised AvengerDAO for its recovery efforts.