AFX Trade Exploited for $24 Million in Bridge Attack on Arbitrum
AFX Trade, a protocol on Arbitrum (ARB), misplaced roughly 24.15 million USDC (USDC) on July 22 after an attacker exploited a bridge it operates.
Security agency Blockaid flagged the assault at 21:30 UTC. It marks the 14th crypto safety incident recorded in July, a month that has already surpassed June’s hack losses.
Attacker Drains 24 Million USDC From AFX-Operated Bridge
The exploit focused a bridge run by AFX, not the Arbitrum community itself. Blockaid detected the drain and started coordinating a response with the Arbitrum group.
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The attacker then moved the stolen USDC from Arbitrum to Ethereum (ETH). Blockchain safety agency PeckShield reported the funds have been swapped into 12,467.5 ETH.
It traced the transformed ETH to a single pockets, 0x6276…ebAC. The tally displays funds drained to date, and the determine might nonetheless shift because the movement is tracked.
Offchain Labs co-founder Steven Goldfeder addressed the incident immediately. He drew a agency line between AFX’s bridge and Arbitrum’s core infrastructure.
“We’re conscious of a report of a bridge hack on Arbitrum and are investigating. We can affirm that the transaction in query originated from a 3rd celebration protocol, and the Arbitrum native bridge has not been hacked or exploited in any approach,” he said.
A Rough Month for Crypto Security
The AFX breach comes amid a pricey stretch for the sector. It follows a string of comparable cross-chain assaults which have drained protocols through their bridge layers.
Data from DefiLlama confirmed 13 hacks throughout varied protocols in July, previous to this incident, totaling $72.6 million in losses. The AFX exploit brings the rely to 14.
The incident additionally pushes the July whole to roughly $97 million. The determine already surpasses the $75.32 million in losses from hacks in June.
The coming days ought to reveal whether or not the protocol can freeze or get better any of the stolen funds.
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The submit AFX Trade Exploited for $24 Million in Bridge Attack on Arbitrum appeared first on BeInCrypto.