Security firm Blockaid identified a bridge exploit targeting AFX Trade, a protocol operating on the Arbitrum network, resulting in losses of roughly $24 million. According to blockchain analytics provider PeckShield, the attacker moved the stolen assets from Arbitrum to Ethereum, then converted them into 12,467 ETH. Bridges, which allow tokens to move between different blockchains, remain frequent targets for attackers because they concentrate large amounts of value and often contain complex smart contract logic that can be exploited. Swapping the proceeds into ETH is a common tactic used to obscure the origin of funds and complicate recovery efforts. The incident adds to a long history of cross-chain bridge breaches that have cost the industry billions of dollars. AFX Trade has not yet detailed how the vulnerability occurred or whether affected users will be compensated.
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