AFX-Operated Bridge Loses $24.15 Million in USDC on July 22

According to blockchain security firm Blockaid, an AFX-operated cross-chain bridge lost approximately $24.15 million in USDC on July 22 at around 9:30 p.m. UTC. On-chain records showed the funds moved to an attacker-controlled address in a single transaction. Offchain Labs co-founder Steven Goldfeder confirmed that Arbitrum's core bridging infrastructure was not compromised; the affected bridge was a third-party infrastructure used by AFX for USDC deposits.

The attacker subsequently transferred the stolen USDC from Arbitrum to Ethereum and converted it to approximately 12,467.5 ETH at an estimated average price of around $1,937 per token, according to on-chain security researchers. The precise cause of the exploit remains under investigation.