$31.6M Stolen in Back-to-Back Crypto Bridge Attacks

Two separate crypto bridge attacks occurred within a span of just seven hours, resulting in the theft of $31.6 million.

The first hack targeted the crosschain bridge operated by AFX, a decentralized perpetual exchange operating on Arbitrum, and resulted in the loss of $24.15 million. According to Blockaid, this exploit was detected at 9:30 pm UTC on Wednesday.

In a separate incident, Blockaid also detected an attack targeting the Verus Ethereum bridge, leading to the theft of $7.5 million in various cryptocurrencies, including Ether and tBTC.

The back-to-back exploits highlight the ongoing security risks facing crosschain bridges, which hold large pools of assets and facilitate transactions between different blockchains.

Offchain Labs co-founder Stephen Goldfeder confirmed that a bridge hack had affected a third-party protocol on Arbitrum, but emphasized that the native bridge itself was not compromised.