AFX protocol reportedly loses $24M in bridge exploit
AFX, 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 pm 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.
“We’re aware of a report of a bridge hack on Arbitrum and are investigating. We can confirm that the transaction in question originated from a third-party protocol, and the Arbitrum native bridge has not been hacked or exploited in any way,” Goldfeder said in a post on X.
Cointelegraph reached out to AFX for comment.
This is a developing story and more information will be added as it becomes available.
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