Arbitrum-Based AFX Trade Loses $24.15 Million in Bridge Hack
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AFX Trade, a DeFi protocol on Arbitrum, lost about $24.15 million in crypto assets in a bridge hack.
The Block reported on July 22 that blockchain security firm Blockaid said about $24.15 million in USDC was drained from a bridge operated by AFX Trade. The vulnerability was confined to a bridge run directly by AFX Trade. Blockaid said it is working with the Arbitrum team on incident response and support for affected protocols.
On-chain security firm PeckShield said the attacker moved the stolen funds from Arbitrum to the Ethereum network and swapped them for 12,467 ETH.
Steven Goldfeder, chief executive officer of Offchain Labs, the developer of Ethereum layer-2 network Arbitrum, wrote on X that the transaction in question originated from a third-party protocol and that Arbitrum's native bridge was not hacked or exploited in any way. He added that the company is working with the third-party team and will disclose more details as they are confirmed.
