AFX Trader Hacker Moves Stolen Funds Through THORChain

A recent exploit at AFX Trader, an Arbitrum-based decentralized finance protocol, has led to the theft of $24.15 million in USDC. On July 23, the attacker quickly converted the stolen funds into 12,467.4 ETH, a common tactic used to complicate tracking and avoid stablecoin blacklisting.

The hacker then leveraged THORChain, a decentralized cross-chain liquidity protocol, to swap 655.4 ETH for approximately 18.86 BTC. This movement of funds adds another layer of complexity to the already challenging recovery effort.

AFX Trader has proposed a white-hat negotiation to the attacker, offering to allow them to keep 30% of the stolen funds in exchange for returning the remaining 70% of the assets to the protocol.