AFX Bridge Exploited for $24M on Arbitrum

Derivatives exchange AFX Trade suffered a major security breach on July 22, losing approximately $24.15 million in USDC. Security firm Blockaid spotted the attack at 21:30 UTC. The hacker targeted a bridge operated by the protocol on the Arbitrum network, draining funds before security teams could stop the exploit.

This incident highlights ongoing security risks around cross chain bridges in decentralized finance. Bridges often become prime targets for attackers because they hold large pools of locked capital. Traders and liquidity providers using the protocol are advised to check their exposure and follow official updates from the team.

Investigators are currently tracking the stolen funds and analyzing the exact vector used in the attack. Users should monitor official channels for news regarding recovery efforts or compensation plans. Market participants are watching to see if this event impacts broader confidence in Arbitrum bridge security.