AFX Trade, a perpetuals exchange on Arbitrum, was hacked on July 23, with about $24 million in USDC stolen. According to Techub, citing Decrypt, the attacker exploited a vulnerability in the project’s USDC custodial bridge and drained the funds. After detecting unusual activity, the team suspended bridge services immediately.
AFX Trade said it has activated its incident response process, and its security team is investigating the root cause of the breach. The protocol also offered the attacker 30% of the stolen funds as a white hat bounty in exchange for returning the remaining amount. Services related to the protocol remain suspended at the time of writing.
The report did not disclose additional technical details about the exploit or say when services might be restored. The case adds to the list of bridge-related security incidents affecting crypto platforms.
AFX Trade, a perpetuals exchange on Arbitrum, was hit by a hack on July 23, losing about $24 million in USDC.
According to Techub, citing Decrypt, the attacker stole the funds by exploiting a vulnerability in the project’s USDC custodial bridge. After detecting abnormal activity, the team immediately suspended bridge services.
AFX Trade said it has launched an incident response process, and its security team is investigating the root cause of the attack.
The project also offered the hacker 30% of the stolen funds as a white hat bounty in exchange for returning the rest. Services tied to the protocol remain suspended for now.
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