A total of $24.15 million was stolen on July 22 from AFX Trade, a third-party bridge protocol operating on Arbitrum. Attackers compromised the protocol’s validator keys and drained approximately $24.15 million in USDC, before swapping them for roughly 12,467 ETH. Steven Goldfeder, CEO of Offchain Labs, confirmed that the exploit originated entirely from a third-party protocol and that Arbitrum’s native bridge remained secure throughout the incident. July 2026 has seen at least 14 recorded security breaches across the crypto sector, increasing regulatory pressure on bridging technology and cross-chain protocols.
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