AFX Trade hacker swaps stolen ETH into BTC using THORChain

AI Market Summary

On-chain monitoring indicates the AFX Trade exploiter is rotating proceeds by swapping bridged assets into ETH and then cross-chaining into BTC via THORChain. After a 24.15m USDC bridge compromise and conversion into 12,467.4 ETH, the attacker has moved 655.4 ETH into 18.86 BTC so far. The activity highlights ongoing bridge and cross-chain liquidity risks and potential near-term sell/flow pressure around ETH and BTC venues.

Impact level

● Medium

Affected assets

ETH/USDT-1.06%

AI Insight · ETH/USDTAI Insight

● Neutral

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July 25 (UTC+8) — On-chain tracker EmberCN said the AFX Trade exploiter has started converting ETH into BTC through the cross-chain swap protocol THORChain. The AFX Trade bridge was breached on July 23, with 24.15 million USDC stolen and later swapped for 12,467.4 ETH. About an hour ago, the attacker began routing ETH to BTC via THORChain; 655.4 ETH has already been bridged into 18.86 BTC. (Source: BlockBeats)

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