AFX Trade, a decentralized perpetuals exchange built on Arbitrum that settles positions in USDC, was drained of $24.15 million on Wednesday after an attacker exploited a custody bridge the pr
AFX Trade, a decentralized perpetuals exchange built on Arbitrum that settles positions in USDC, was drained of $24.15 million on Wednesday after an attacker exploited a custody bridge the protocol itself operates, according to security firm Blockaid.
The attacker targeted the AFX-operated USDC custody bridge, not the Arbitrum network itself. On-chain tracking firm PeckShield confirmed the stolen USDC was bridged to Ethereum and swapped for 12,468 ETH, with the full amount parked in a single wallet.
