Bridge Attack on AFX Protocol Results in $24M Loss, Security Experts Report
Security experts in the blockchain space have identified a $24.15 million security breach affecting an AFX Protocol bridge infrastructure, with ongoing investigative efforts underway.
A decentralized perpetual exchange known as AFX Protocol, which functions on the Arbitrum network, has allegedly suffered a loss of $24.15 million this Wednesday following a security breach that targeted one of its crosschain bridge infrastructures.
Security platform Blockaid announced on Wednesday that it identified a security breach at 9:30 p.m. UTC that was directed at a bridge infrastructure managed by AFX. A bridge vulnerability impacting a third-party protocol was verified by Stephen Goldfeder, who serves as co-founder of Offchain Labs.
According to Lookonchain, the attacker transferred 24.15 million USDC (USDC) to the Ethereum network, subsequently purchasing 12,467 ETH at a mean price point of $1937.
We're aware of a report of a bridge hack on Arbitrum and are investigating. We can confirm that the transaction in question originated from a third-party protocol, and the Arbitrum native bridge has not been hacked or exploited in any way.
Stephen Goldfeder, Offchain Labs co-founder, in a post on X
This is a developing story and more information will be added as it becomes available.