An attacker drained roughly $1.65 million from the cross-chain bridge protocol and swapped the proceeds for ETH
Cross-chain bridges keep getting robbed. The latest target is Allbridge, a protocol designed to move stablecoins between blockchain networks, where an attacker made off with approximately $1.65 million before routing the funds from Solana to Ethereum and converting them into ETH.
What happened
According to on-chain data flagged by Arkham Intelligence, the attacker extracted the funds from Allbridge’s infrastructure and deliberately moved them across networks, bridging from Solana to Ethereum before swapping into ETH.
Allbridge is a cross-chain bridge protocol focused on stablecoin transfers, operating across EVM-compatible networks as well as non-EVM chains like Solana.
This is not Allbridge’s first rodeo with attackers. In April 2023, the protocol suffered a flash-loan attack targeting its BNB Chain liquidity pools, which resulted in roughly $570K in losses. That incident involved price manipulation rather than a direct fund drain. Allbridge eventually recovered approximately $465K of those funds through a white-hat hacker arrangement.
Bridge exploits are having a moment
A separate incident in April 2026 saw Kelp DAO’s LayerZero-powered bridge lose $292 million in a single exploit.
Allbridge integrated with Algorand in January 2026, broadening its cross-chain stablecoin capabilities.
What this means for investors and the broader market
Allbridge’s 2023 response, recovering most of the stolen funds and engaging a white-hat hacker, set a reasonable precedent. Whether the team can replicate that outcome with a larger theft, spanning two separate blockchain ecosystems, is the critical variable to watch.
For traders specifically, the Solana-to-Ethereum fund movement is worth monitoring at the wallet level. Arkham and similar on-chain intelligence platforms will likely continue tracking the attacker’s address, and any movement toward centralized exchange deposit addresses could provide an early signal of whether a recovery or freeze is possible.
