Allbridge pauses cross-chain bridge after $1.65M exploit

60-second summary

Allbridge has paused its cross-chain bridge after allegedly suffering a $1.65 million exploit. The attacker is believed to have used a flash loan and rapid swaps to manipulate the bridge's stablecoin exchange rate, creating an arbitrage opportunity. This incident highlights the ongoing risks of cross-chain bridges and the need for enhanced security measures to protect users' assets.