$24M USDC Heist Rocks Arbitrum via Exploited Bridge

A vulnerability in AFX Trade's bridge on Arbitrum was exploited to steal approximately $24.15 million in USDC on July 22.

The exploit, confirmed by blockchain security firms, specifically targeted a bridge operated by AFX Trade and not any shared or network-level infrastructure.

After draining the USDC from Arbitrum, the attacker moved the stolen assets to Ethereum and converted them into 12,467 ETH, valued at around $24 million at the time of the swap.

AFX Trade confirmed it detected the breach and suspended its bridge operations in response. The team emphasized that its trading infrastructure and mainnet were not affected by the incident.