Arbitrum-Based Protocol AFX Hit in Cross-Chain Bridge Attack; $24.15M USDC Taken
AI Market Summary
A cross-chain bridge used by Arbitrum-ecosystem protocol AFX was exploited, with roughly 24.15M USDC reportedly stolen. While Offchain Labs states the native Arbitrum bridge was not compromised and the attack originated from a third-party protocol, the incident raises near-term ecosystem risk, potentially pressuring DeFi activity and sentiment around Arbitrum-linked assets. Blockaid and Arbitrum contributors are coordinating incident response and fund-freezing efforts.
Impact level
● Medium
Affected assets
ARB/USDT+0.38%
AI Insight · ARB/USDTAI Insight
▼ Bearish
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AFX, a protocol in the Arbitrum ecosystem, has been attacked via its cross-chain bridge, with about 24.15 million USDC stolen as of publication, according to Odaily Planet Daily. The incident occurred around 5:30 a.m. Beijing time on July 23.
Security firm Blockaid said it is working with the Arbitrum team on the response, coordinating with impacted protocols and helping efforts to freeze the stolen funds.
Offchain Labs co-founder Steven Goldfeder said the Arbitrum team is aware of reports of a cross-chain bridge attack on Arbitrum and is investigating. He added that the transactions originated from a third-party protocol, and that the native Arbitrum bridge was not attacked or exploited. Goldfeder said the team will work with the third-party team to provide additional details.
