Three Crypto Protocols Lose $35 Million in Single Day

It has been a rough 24 hours for the crypto industry as three different protocols reported major security breaches. The combined losses from AFX Trade, BSquaredNetwork, and Verus reached approximately $35 million, leaving many investors wondering about protocol safety standards.

The largest hit came from AFX Trade, which lost roughly $24 million in USDC. Security experts later found that the protocol had significant gaps in its code coverage and failed to address warnings from earlier audits. Following the breach, the stolen assets were quickly moved across chains to Ethereum and converted into ETH.

BSquaredNetwork and Verus also fell victim to exploits. BSquaredNetwork lost nearly $4 million in B2 tokens, causing a sharp 15 percent drop in the token price. Meanwhile, the Verus bridge suffered a $7.5 million loss, marking its second major incident in just two months. Analysts noted that this recent attack appears linked to the same vulnerability that compromised the platform back in May.

These events serve as a stark reminder for traders to stay cautious when using cross chain bridges. As investigations continue, users are encouraged to monitor their positions and remain aware of which protocols hold their capital. Security experts are now calling for more rigorous testing and transparency from development teams before they deploy funds on chain.