Why AFX Trade's $24.15M hack is another warning for crypto bridges

AFX traced the source of the lost funds to a single Ethereum account. The exchange suspended all bridge activity and activated its incident response plan. It is working with blockchain security firms to monitor the stolen tokens.

SlowMist reported the stolen funds remain in the attacker's wallet. That allows the Crypto Defense Alliance (CDA) and several exchanges to watch for future moves.

Zellic, which audited the bridge code, joined the investigation. AFX also extended a white hat settlement offer and continues to trace the assets.

The attack hit a third-party bridge, not Arbitrum's native bridge. The investigation into the exact method is ongoing.