After the exploit on April 1st, Allbridge is acting swiftly to refund affected customers.
Allbridge has announced a recovery plan aimed at compensating users impacted by a recent exploit, giving priority to those with funds stuck on the project's multi-chain token bridge.
Despite the partial recovery of funds from the April 1st hack, which led to a loss of nearly $573,000, Allbridge confirmed in an April 5th statement that it has already initiated the compensation process for its users.
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According to the company, its main goal is to fully reimburse those affected by the exploit using the funds available to them.
The project revealed that it "will start with the bridge users whose transactions got stuck in pending due to the emergency shutdown" and then proceed to compensate its liquidity providers (LPs).
Following the incident, Allbridge allowed LPs to withdraw their funds on April 2nd. While most users managed to do so, some took out more than their initial balances "due to the pool's disbalance." In contrast, others couldn't withdraw "a reasonable amount" due to the hack's impact on the pools and over-withdrawals by other users.
To address this issue, Allbridge is creating an application form for LPs who couldn't withdraw their assets, allowing them to apply for compensation and report their losses.
The form is expected to be ready by Friday, with the compensation process launching next week. Initially, compensation efforts will target users who "have used the bridge shortly before the shutdown."
Although Allbridge highlighted that "compensation remains <company's> main priority," the project also noted that those affected by the exploit might be eligible for additional rewards in the future.
The compensation plan comes a few days after Allbridge revealed that the hacker returned 1,500 Binance Coin (BNB), worth around $465,000.
