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Attacker drains $24.15M in USDC from AFX Arbitrum bridge

Blockaid says the exploit was detected at 21:30 UTC on July 22 and nearly all USDC in the targeted bridge contract was drained before funds were moved to Ethereum.

Reported · Written up by our desk · Market Structure

A bridge used by derivatives exchange AFX on the Arbitrum network was exploited for about $24.15 million in USDC on July 22, according to security firm Blockaid, which said it identified the activity at 21:30 UTC and posted the transaction on Arbiscan.

Blockaid said the attack was specific to the bridge AFX operates, and Arbitrum co-founder Steven Goldfeder stated that Arbitrum’s native bridge was not compromised. Goldfeder said the transaction originated from a third-party protocol and that Arbitrum is investigating and coordinating with the other team.

Onchain analytics account Lookonchain reported that the attacker moved the stolen funds to Ethereum and swapped them for 12,467 ETH at an average price of $1,937, with the outflow linked to an exploiter address on Arkham.

DefiLlama data cited in the report put the USDC balance in the targeted AFX bridge contract at about $24.2 million prior to the attack, meaning nearly all funds locked in the contract were taken. The report also notes AFX deposits had grown from roughly $19.3 million in mid-June, and that the exploit followed a string of Arbitrum-related incidents earlier in July.

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