3 Crypto Protocols Lose $35 Million in 24-Hour Hacking Spree
AFX Trade, BSquaredNetwork, and Verus hit by consecutive exploits exposing security flaws.
1Back-to-Back Exploits
Within 24 hours, AFX Trade, BSquaredNetwork, and Verus protocols suffered attacks totaling $35 million in crypto losses. Arbitrum-based AFX lost $24.15M in USDC, while BNB Chain's BSquaredNetwork saw $3.86M worth of B2 tokens drained.
2Attack Methodology
Hackers bridged stolen funds from Arbitrum to Ethereum, converting to 12,467.5 ETH. BSquared attackers swapped 8.59M B2 tokens for 5,000 WBNB before moving via NEAR. Verus' $7.55M loss stemmed from the same bridge contract exploited two months prior.
3Market Impact
B2 token plunged over 15% post-attack. Security firm Blockaid confirmed Verus' latest exploit shared identical bridge contract, entry path, and bug class with its previous $11.58M incident.
4AFX's Security Failures
Arbitrum contributor Steven Goldfeder clarified the hacked bridge was independently operated by AFX. Security expert Taylor Monahan questioned why $24M was stored there and highlighted alarming audit findings.
5Audit Deficiencies
Monahan revealed AFX had near-zero test coverage, unfixed auditor-flagged issues, and partial code reviews. Auditors allegedly couldn't fully assess the system due to incomplete code submissions, indicating lax security culture.
6Industry Wake-Up Call
These consecutive exploits underscore urgent needs for improved crypto security standards. Audit process weaknesses and reliance on manual interventions pose systemic risks across DeFi protocols.
Original article: CryptoPotato — 3 Kripto Protokolü 24 Saatte 35 Milyon Dolarlık Hack Yedi