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AFX protocol reportedly loses $24.15M in bridge exploit on Arbitrum

Offchain Labs said the Arbitrum native bridge was not affected, while the exploiter bridged 24.15 million USDC to Ethereum.

Reported · Written up by our desk · Market Structure

Cointelegraph reports that the AFX decentralized perpetual exchange on Arbitrum reportedly lost $24.15 million on Wednesday after an exploit targeted one of its crosschain bridges.

According to Blockaid, the activity was detected at 9:30 pm UTC, and Offchain Labs said the incident involved a third-party protocol rather than Arbitrum’s native bridge infrastructure.

Offchain Labs co-founder Stephen Goldfeder confirmed that a bridge hack affected a third-party protocol, adding that the specific transaction originated from outside the Arbitrum native bridge and that it had not been hacked in any way.

Lookonchain said the exploiter bridged 24.15 million USDC to Ethereum, using it to buy 12,467 ETH at an average price of $1,937, as the story remains developing.

Latest closeEthereum $1,921.92 ▼0.3%

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