Woofun AI reports that a $24.15 million exploit targeted AFX Protocol on Arbitrum, prompting immediate scrutiny from Offchain Labs co-founder Stephen Goldfeder and monitoring firm Lookonchain.

The financial impact was identified Wednesday at 9:30 pm UTC by Blockaid, which detected unauthorized activity on the bridge operated by AFX. The incident resulted in the loss of 24.15 million USDC, marking a significant security breach for the decentralized perpetual exchange.

Structurally, the attacker moved the stolen funds to Ethereum, converting the assets into 12,467 ETH. This conversion was executed at an average price of $1937, effectively liquidating the stablecoin holdings into volatile native tokens.

Notably, Woofun AI data shows the transaction flow originated entirely from a third-party protocol, distinct from the core layer. Goldfeder clarified on X that the Arbitrum native bridge remained uncompromised, confirming the hack did not exploit native infrastructure.