Offchain Labs said the incident involved a third-party protocol and did not affect Arbitrum’s native bridge infrastructure.
AFX Protocol, a decentralized perpetual exchange operating on Arbitrum, reportedly lost $24.15 million on Wednesday in an exploit targeting one of its crosschain bridges.
Blockaid said Wednesday it detected an exploit at 9:30 p.m. UTC targeting a bridge operated by AFX. Offchain Labs co-founder Stephen Goldfeder confirmed a bridge hack had affected a third-party protocol.
Lookonchain said the exploiter bridged 24.15 million USDC (USDC) to Ethereum, buying 12,467 ETH at an average price of $1937.
“We’re aware of a report of a bridge hack on Arbitrum and are investigating. We can confirm that the transaction in question originated from a third-party protocol, and the Arbitrum native bridge has not been hacked or exploited in any way,” Goldfeder said in a post on X.
This is a developing story and more information will be added as it becomes available.
Source: https://cointelegraph.com/news/afx-protocol-reportedly-loses-24m-in-bridge-exploit?utm_source=rss_feed&utm_medium=rss&utm_campaign=rss_partner_inbound