Allbridge Core pauses bridge after US$16.5M exploit

• Allbridge Core has suspended its cross-chain bridge following a US$16.5 million exploit.
• The protocol halted bridge operations while investigating the incident and working to protect users.
• The attack highlights the continued security risks facing cross-chain infrastructure.

Allbridge Core has paused its cross-chain bridge after suffering an exploit that resulted in approximately US$16.5 million in losses.

The protocol suspended bridge operations while its team investigated the incident and assessed the impact of the attack.

Allbridge said the pause was intended to prevent further losses as it worked to identify the cause of the exploit and strengthen security measures.

Cross-chain bridges enable users to transfer digital assets between different blockchain networks but have become frequent targets for attackers because they often hold significant amounts of locked funds.

Security incidents involving bridges have resulted in billions of dollars in cryptocurrency losses across the industry in recent years.

The Allbridge team said it would continue investigating the exploit and provide updates as more information becomes available.

The latest incident adds to ongoing concerns about the security of cross-chain infrastructure despite continued investment in blockchain security.