AFX Trade Hackers Use THORChain for Sophisticated Money Laundering Operation

A major hack occurred on July 23, 2026, when AFX Trade lost approximately $24 million in USDC. The hackers exploited the decentralized exchange's bridge to move the funds into Ethereum (ETH), specifically exchanging 12,468 ETH for the stolen USDC.

The initial conversion was likely aimed at taking advantage of Ethereum's liquidity and ease of swapping with other cryptocurrencies. However, the hackers didn't stop there, as they initiated a cross-chain swap using THORChain to convert about 655 ETH into 18.86 BTC on July 25.

This movement complicates efforts to trace and recover the stolen funds, as it makes it more difficult for authorities and blockchain investigators to track the origin of the money. The hackers' use of THORChain is a textbook example of exploiting decentralized infrastructure for illicit ends.