AFX Trade Loses $24.15M in Arbitrum Bridge Exploit; Offers Hacker Bounty
IN SHORT
AFX Trade, a decentralized perpetuals exchange on Arbitrum, lost $24.15 million in USDC due to an exploit on its custom custody bridge. The attacker compromised validator keys, swapped the stolen USDC for ETH on Ethereum, and AFX has offered a bounty for the funds' return.
Key Numbers
$24.15 millionUSDC drained from AFX Trade bridge
12,467 ETHETH obtained by attacker
5-of-7Signature quorum required for withdrawal
Who's Involved
AFX Trade
Decentralized perpetuals exchange targeted in bridge exploit
Arbitrum
Layer-2 network where the exploit occurred
Blockaid
Security firm that detected the breach
Steven Goldfeder
Co-founder of Offchain Labs, confirmed Arbitrum's native bridge security
↳ Why This Matters
The exploit highlights ongoing security vulnerabilities in cross-chain bridge infrastructure within the DeFi space, leading to significant asset losses and prompting offers of bounties to attackers.