AFX Trade, a decentralized perpetuals exchange on Arbitrum, was drained of $24.15 million on Wednesday in an exploit targeting a USDC bridge operated by the protocol itself. The stolen funds were bridged to Ethereum and swapped for 12,468 ETH sitting in a single wallet, according to security firm PeckShield. AFX Trade suspended bridge operations and publicly offered the attacker a deal: return 70% of the funds and keep 30% as a white hat bounty. Arbitrum clarified that its native bridge was not compromised and the incident remains isolated to this third-party application.
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