AFX Protocol Hit by $24M Bridge Exploit on Arbitrum Network
The AFX Protocol, a decentralized perpetual exchange, has reportedly fallen victim to a massive $24.15 million bridge exploit. Detected by Blockaid, the attack targeted a crosschain bridge operated by the protocol, allowing hackers to siphon off millions in USDC liquidity.
Crucially, Offchain Labs has clarified that the Arbitrum native bridge infrastructure remains secure, as the breach was limited to a third-party protocol. Following the exploit, on-chain data from Lookonchain shows the attacker successfully bridged the stolen USDC to Ethereum to purchase over 12,000 ETH, highlighting the ongoing vulnerability of crosschain bridges.
According to Lookonchain, the exploiter bridged 24.15 million USDC to the Ethereum network, subsequently purchasing 12,467 ETH at an average price of $1,937. Offchain Labs co-founder Stephen Goldfeder confirmed that the hack affected a third-party protocol and emphasized that Arbitrum’s native bridge infrastructure was not impacted by the event.
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