AFX Protocol reportedly loses $24M in bridge exploit

Offchain Labs said the incident involved a third-party protocol and did not affect Arbitrum’s native bridge infrastructure.

AFX Protocol, a decentralized perpetual exchange operating on Arbitrum, reportedly lost $24.15 million on Wednesday in an exploit targeting one of its crosschain bridges. 

Blockaid said Wednesday it detected an exploit at 9:30 p.m. UTC targeting a bridge operated by AFX. Offchain Labs co-founder Stephen Goldfeder confirmed a bridge hack had affected a third-party protocol.

Lookonchain said the exploiter bridged 24.15 million USDC (USDC) to Ethereum, buying 12,467 ETH at an average price of $1937. 

Read more