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ETH Arbitrum based AFX Trade Bridge vulnerability was attacked and lost approximately US$24.15 million USDC
On July 22, a bridging vulnerability in the Arbitrum ecosystem protocol AFX Trade was exploited, resulting in the theft of approximately US$24.15 million of USD Coin (USDC). The blockchain security company confirmed that the attack was limited to AFX's own infrastructure.
Blockaid, a blockchain security company, was the first to discover the vulnerability, pointing out that the attack targeted specific bridges operated by AFX Trade, rather than shared or network-level infrastructure. Blockaid said it coordinated with the Arbitrum team immediately after detecting the incident.
Stolen funds have been transferred to Ethereum
According to blockchain security company PeckShield, after stealing the USDC, the attacker transferred assets from Arbitrum to Ethereum and exchanged them for 12467 ETH, worth approximately US$24 million at the time of redemption.
Steven Goldfeder, CEO of Arbitrum development company Offchain Labs, responded to the matter on the X platform. He said the deal originated from a third-party agreement and that Arbitrum's native bridge was not affected by the attack. Goldfeder said the Offchain Labs team will work with AFX and release more details during the investigation.
AFX Trade confirms vulnerability and suspends bridging operations
AFX Trade also separately confirmed that it discovered the attack and suspended its bridging operations. The team said in a statement that its transaction infrastructure and mainnet were not affected, and said the incident was limited to custody bridges operated by AFX.
The team asked the hacker to return the funds and get a 30% share
Ken C, AFX's head of growth, posted on the X platform that the agreement had directly proposed a white hat settlement to hackers. The scheme allows hackers to retain 30% of stolen funds, provided that the remaining 70% is returned. Ken C said the proposal was made in good faith and aimed at prioritizing the restoration of user assets, and said the proposal would only be effective for a limited period of time.
Blockaid said it will continue to work with the Arbitrum team and AFX to coordinate the response to this incident. AFX said its top priority is to recover user assets and resolve problems for the community as soon as possible.
