Cryptocurrency bridges came under fire this week as hackers made off with a combined $31.6 million in two separate exploits carried out within a seven-hour window, targeting decentralized trading platform AFX and the Verus Ethereum bridge.
Two Bridges Breached Hours Apart
AFX, a decentralized perpetual exchange running on the Arbitrum network, reportedly suffered the larger of the two attacks on Wednesday, losing roughly $24.15 million. Just hours later, attackers turned their attention to the Verus Ethereum bridge, draining additional funds and pushing the total losses across both incidents to $31.6 million.
The rapid succession of attacks underscores an ongoing vulnerability in cross-chain infrastructure, which allows users to move assets between different blockchain networks. These bridges have repeatedly proven to be attractive targets for malicious actors because they often hold large pools of locked value.
Bridges remain one of crypto's most lucrative and repeatedly exploited attack surfaces.
A Persistent Weak Point
Cross-chain bridges have accounted for some of the largest thefts in the history of decentralized finance. Their complex smart contract systems and the concentration of assets they hold make them a recurring focus for hackers seeking maximum payouts from a single breach.
The back-to-back nature of these latest exploits highlights how quickly attackers can move once a weakness is identified. Security researchers have long warned that many DeFi protocols deploy bridge technology without sufficient auditing or safeguards to protect against sophisticated exploits.
Key takeaways from the incidents include:
- AFX reportedly lost about $24.15 million in its bridge exploit on Arbitrum
- The Verus Ethereum bridge was targeted just hours afterward
- Combined losses reached approximately $31.6 million within seven hours
As of the initial reports, neither platform had fully detailed how the exploits were executed or whether affected users would be compensated. The incidents add to a growing tally of bridge-related losses that continue to raise concerns about the security of cross-chain infrastructure across the industry.