- AFX Trade suffered a bridge exploit that drained roughly $24 million.
- The attacker bridged the stolen funds to Ethereum and swapped them for ETH.
- AFX has suspended bridge operations and offered the hacker a white hat settlement.
Arbitrum-based protocol AFX Trade has suffered a major exploit after attackers drained approximately $24.15 million in USDC from one of its custody bridges. Blockchain security firms Blockaid and PeckShield confirmed the attack, with the stolen funds later bridged to Ethereum and exchanged for roughly 12,467 ETH.
The AFX team quickly suspended bridge operations, emphasizing that the incident was isolated to its own bridge infrastructure. Offchain Labs, the company behind Arbitrum, confirmed that the Arbitrum network and its native bridge were not compromised.
AFX has also extended a white hat offer to the attacker, allowing them to keep 30% of the stolen funds if they voluntarily return the remaining 70%. The team says its priority is recovering user assets while continuing its investigation into the exploit.
