Allbridge Core Loses $1.65 Million in Hack, Stolen Funds Moved to Ethereum

Allbridge Core, a cross-chain bridge protocol, lost about $1.65 million in a hacking attack.

On-chain analyst Hupzy wrote on July 19 that the hacker moved the stolen funds from the Solana network to the Ethereum network.

Hupzy said the rapid cross-chain transfer is a typical money-laundering tactic. Moving assets across networks can significantly reduce the chances of recovering the stolen funds.

The analyst added that the direct impact on Solana's price would likely be limited because the losses were less than $2 million. Still, the security breach could hurt investor sentiment toward liquidity tied to cross-chain bridges, making it important to watch whether Solana-based bridges see outflows in total value locked, or TVL.