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Allbridge Hacker Finally Returns Biggest Part of the $573K Stolen Funds

The warning has worked, hacker returns the funds

Hacker of the multichain token bridge Allbridge returned the biggest part of the $573,000 stolen funds as a form of acceptance of a ‘white hat bounty’ according to an April 3 disclosure by the Allbridge team. 

Allbridge revealed that it received a message from an individual, and subsequently received 1,500 BNB worth around $465,500

Allbridge maintained that the remaining funds would be considered as a white hat bounty to the hacker. 

The DeFi platform team further added that all the received BNB have been converted to the stablecoin Binance USD, and would be used as compensation. 

Recall that blockchain security firm Peckshield alerted Allbridge on April 1 that its BNB Chain pools swap was being attacked and manipulated by someone acting as a liquidity provider

Meanwhile, Allbridge disclosed that there is a second address used for the same exploit that currently contains 0.97 BNB, which is valued at approximately $300. 

It maintains that it has requested the exploiter to reach and discuss swift return of the fund. 

Road Towards Recovering Stolen Digital Assets

Following the attack on Allbridge’s core liquidity pools on April 1, the Allbridge team promptly extended an olive branch by offering the hacker a bounty on April 2.

In the same vein, Allbridge maintained that it is hot on the trail of the stolen funds, affirming that an investigation into the hacking incident had started and partnerships are being made with law enforcement agents to identify the perpetrator.

Meanwhile, Binance and its smartchain is not taking a backseat as it subsequently revealed on April 2 that the hacker behind the Allbridge attack has been identified through on-chain analysis. It further added that AvengerDAO played a key role in the process. 

allbridge hack

While the successful recovery of the biggest part of the funds by Allbridge is a welcome development, concerted efforts should be made towards putting a stop to bounty for hackers

Providing bounty to hackers will not only embolden more hackers to spring up, but it will likely increase the number of attacks within the crypto space

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