EL7.AI
CryptoMediumUpdated×2•Originally published 23 July 2026•Updated 23 July 2026•
1 min read

AFX Bridge Exploit Drains $24.15 Million in USDC Stablecoin

Key Facts

1The AFX cross-chain bridge was exploited, resulting in the theft of $24.15 million in USDC.
2The attacker swapped the stolen funds into 12,467 ETH on the Ethereum network.

Amid escalating concerns over the security of cross-chain protocols, the AFX bridge has suffered a major exploit resulting in the loss of millions. According to reports, the attacker targeted the bridge's liquidity to drain $24.15 million in USDC stablecoin. This incident represents a significant setback for the decentralized finance sector, which continues to grapple with the challenges of securing cross-chain assets.

Technical data indicates that the attacker subsequently swapped the stolen funds into 12,467 ETH on the Ethereum network. This maneuver was clearly intended to obfuscate the transaction trail and complicate recovery efforts by security researchers. The exploit was made possible by a vulnerability in the bridge protocol that allowed the unauthorized withdrawal from liquidity pools.

From a broader perspective, the market is looking ahead to the Eurozone CPI data release on July 17, 2026, which may influence general risk appetite across both digital and traditional asset classes.

Latest Updates · 1

  1. Notable·

    Update: Subsequent investigations have confirmed that the attack took place on July 22, 2026, targeting the AFX Trade custody bridge. The exploit was specifically executed on the Arbitrum network, highlighting the ongoing security risks associated with Layer 2 scaling solutions.