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AFX Trade, a protocol operating on the Arbitrum network, has suffered a hacking incident that resulted in the theft of approximately $24.15 million in USDC. The project team has temporarily suspended its cross-chain bridge following the exploit.
According to blockchain security firm PeckShield, the attacker bridged the stolen funds from Arbitrum to Ethereum and swapped them for 12,467 ETH, currently worth approximately $24 million.
The project has launched an investigation into the incident, while Offchain Labs CEO Steven Goldfeder confirmed that Arbitrum's native bridge was not affected.
"We can confirm that this transaction is associated with a third-party protocol. The Arbitrum native bridge was not hacked or compromised in any way," Goldfeder said.
AFX Trade offers hacker a white hat deal
AFX Trade Head of Growth Ken Xi said the project has offered the attacker a so-called white hat agreement.
Under the proposal, the hacker would be allowed to keep 30% of the stolen assets as a bounty in exchange for voluntarily returning the remaining 70%.
The team stated that its primary objective is to recover user funds and minimize the impact of the incident on the community.
According to preliminary findings, the exploit affected only the bridge solution managed by AFX Trade. The protocol's trading infrastructure, core systems, and the Arbitrum blockchain remain fully operational.
Attacks on cross-chain bridges continue to rise
The cryptocurrency industry has seen a growing number of attacks targeting cross-chain bridges and asset custody services in recent months.
On July 22, the Wanchain bridge connecting Cardano and BNB Chain was exploited, resulting in the theft of approximately $13 million in NIGHT tokens. Following the incident, the token's price fell by more than 30%, and the bridge was temporarily disabled while the team investigated the attack. Representatives of the Midnight Foundation later confirmed that the Midnight mainnet and its infrastructure were not affected.
Earlier, the Ostium protocol halted operations after an incident involving its OLP liquidity pool. Cybersecurity researchers estimated the losses from the attack at between $18 million and $22 million.
This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.
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