Allbridge Core Suffers Solana-Based Attack After Stablecoin Pool Rate Manipulation

Allbridge Core was attacked on the Solana network on July 20, with more than $1.1 million in funds reportedly stolen through manipulation of a stablecoin pool exchange rate. According to BlockBeats On-chain Detection, the attacker used a flash loan and rapid stablecoin swaps to alter the pool’s liquidity ratio before draining funds and repaying the loan in the same transaction. The attack began with a $1.12 million USDC flash loan taken from Kamino. The attacker then quickly swapped USDC and USDT to change the liquidity balance in Allbridge’s stablecoin pool, used the manipulated rate to withdraw liquidity, and repaid the flash loan within the same transaction. About $1.1 million has since been moved by the attacker and mixed through a privacy protocol. Allbridge Core’s largest single withdrawal was about $2.24 million in USDC, and the vulnerability analysis is still ongoing.