Arbitrum-Based AFX Trade Loses $24.15 Million in Bridge Hack

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 had identified an outflow of about $24.15 million in USDC from a bridge operated by AFX Trade. Blockaid said the vulnerability was limited to a bridge directly run by AFX Trade and that 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 exchanged them for 12,467 ETH.

Steven Goldfeder, chief executive officer of Offchain Labs, the developer of the Ethereum layer-2 network Arbitrum, wrote on X that the transaction in question occurred on a third-party protocol and that Arbitrum's native bridge was not hacked or exploited in any way. He added that the company would disclose further details once they are confirmed.