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Following
ETH A cross-chain bridge operated by decentralized derivatives platform AFX Trade suffered an unauthorized withdrawal on Wednesday and lost 24.15 million USDC. The transaction bypasses the verifier approval and dispute resolution processes.
Security company Blockaid detected the attack at approximately 21:30 UTC on July 22. The company said the affected facilities are operated by AFX and is working with Arbitrum contributors to contact the agreement parties to freeze the stolen funds.
The bridge held approximately 24.2 million USDC before the transaction, and there was little liquidity in the remaining stablecoins after the withdrawal.
Preliminary on-chain analysis found that signatures associated with five hot verifiers authorized the transfer of 24.15 million USDC. These signatures represent 7,142 of the bridge's 10,000 validator computing power units, exceeding the two-thirds threshold required to approve withdrawals.
The request then passed through a dispute window of about 200 seconds before the bridge contract released the funds. AFX has not released a technical post-mortem analysis report to confirm whether the verifier key was stolen, whether the signer was compromised, or whether there were other authorization vulnerabilities that led to the transaction.
Attackers exchanged USDC for 12,467 ETH
Attackers transferred USDC from Arbitrum to Ethereum through Circle's cross-chain transport protocol, and subsequently exchanged it for approximately 12,467 ETH.
Lookonchain data shows that the average purchase price is approximately US$1,937 per ETH. After the conversion was completed, the value of these assets was approximately US$24.15 million.
Steven Goldfeder, CEO of Offchain Labs, said the deal originated from a third-party agreement and that Arbitrum's native bridge had not been hacked or exploited. While investigating the withdrawal incident, the Arbitrum team has begun coordinating with the affected projects.
As of press time, AFX has not disclosed any restoration agreement, compensation plan, nor has it provided a final explanation for the verifier approval event.
Bridging vulnerability exacerbates DeFi losses this week
The AFX withdrawal incident follows multiple attacks in the same week. On July 22, Balance Coin collapsed after the 42DAO suffered a $915,000 oracle attack. The manipulated BTCB price triggered liquidation and under-collateralized BLC issuance.
Wanchain suspended its Cardano-BNB Chain Bridge after discovering a suspected signature reuse vulnerability, resulting in the loss of 515 million NIGHT from its treasury through related transactions.
Allbridge Core also suspended operations after a $1.65 million lightning attack on Solana that manipulated the pricing of its stablecoin pool.
