We would like to share our recovery plan with you, demonstrating our commitment to the users affected by the recent exploit.
Despite partly recovering funds, we already have the means to begin the compensation process.
We will start with the bridge users whose transactions got stuck in pending due to the emergency shutdown. They will be receiving the compensation first, followed by the liquidity providers.
On Sunday, we reopened the liquidity pools, allowing funds to be withdrawn. The majority of the LPs withdrew their assets back. Some could even withdraw more due to the pool’s disbalance.
However, some users could not withdraw a reasonable amount due to the hack, and those who withdrew at their expense. Most of all, it affected the BNB Chain LPs.
We aim to fully compensate those victims of the exploit with funds available to us.
We are drafting the application form for the LPs who couldn’t withdraw their assets to indicate the details of their loss and apply for compensation. The form will be prepared within the next two days.
By the end of this week, the pools will be closed, and we hope to begin the compensation process throughout the following week, starting with those who have used the bridge shortly before the shutdown.
Lastly, all the affected parties by the exploit will be subject to additional rewards in the future, but compensation remains our main priority.
About Allbridge Core
Allbridge Core enables the transfer of value between blockchains by offering cross-chain swaps of native stablecoins. Being messaging protocol agnostic, Allbridge Core connects a variety of EVM and non-EVM networks.