Arbitrum Perp DEX AFX Trade Drained of $24M, Offers Hacker 30% to Return It - Decrypt

In brief

AFX Trade, a perpetuals exchange on Arbitrum, was drained of about $24 million in an exploit that hit a USDC bridge the protocol itself operates.

The exchange said the breach was isolated to that bridge and the exact attack vector is still under investigation; on-chain trackers say the funds were swapped for 12,468 ETH.

AFX has halted the bridge and publicly offered the attacker a deal—return 70% of the funds and keep the rest as a "white hat bounty."

AFX Trade, a decentralized perpetuals exchange on Arbitrum that settles in the stablecoin USDC, was drained of $24.15 million on Wednesday in an exploit that hit a bridge the protocol operates, security firm Blockaid said.In a tweet, AFX said the exact attack vector remains under investigation. The on-chain money trail shows that the attacker bridged the stolen USDC to Ethereum and swapped it for 12,468 ETH, now sitting in a single wallet, PeckShield said.