AFX Trade hacker starts shifting ETH into BTC via THORChain

AI Market Summary

A hacker from the AFX Trade bridge exploit has begun converting stolen proceeds from ETH into BTC via THORChain, following the theft of 24.15m USDC that was swapped into 12,467.4 ETH. The ongoing cross-chain liquidation (655.4 ETH already exchanged) increases near-term sell-pressure and headline risk around ETH liquidity, DeFi bridge security, and cross-chain swap rails, potentially weighing on risk appetite.

Impact level

● Medium

Affected assets

ETH/USDT-1.45%

AI Insight · ETH/USDTAI Insight

▼ Bearish

Trade now

⚠️ AI-generated insights are based on news content and are provided for informational purposes only. They do not constitute investment advice or represent the views of BingX. Investing involves risk. Please trade responsibly.

ChainThink said that Ember Monitoring flagged activity on July 25 showing the AFX Trade attacker has begun swapping ETH into BTC through THORChain, a cross-chain swap service. The AFX Trade bridge was exploited two days earlier, with 24.15 million USDC stolen and later converted into 12,467.4 ETH. About an hour ago, the attacker started moving funds across chains into BTC, exchanging 655.4 ETH for 18.86 BTC so far.

Disclaimer: The content above is only the author's opinion and does not represent BingX’s stance. It shall not be construed as investment advice from BingX. For details, refer to the Terms and Conditions.

Risk Warning

Cryptocurrencies and their derivatives are innovative financial products with great volatility and high investment risks.

Although BingX is committed to providing users with easy-to-use trading tools, trading itself is still a highly sophisticated field. Trading digital assets and their derivatives are subject to high market risk and price volatility and may result in partial or total loss of account funds. You must carefully consider and exercise clear judgment to evaluate your financial situation and the aforementioned risks before using BingX Services. You shall be responsible for all losses arising therefrom. If necessary, please consult relevant professionals to make informed decisions before investing. By accessing, downloading, using or clicking on "I agree" to accept any BingX Services provided by BingX, you agree that you have read, understood and accepted all of the terms and conditions stipulated in BingX Terms of Use as well as our Privacy Policy.

Trading by copying or replicating the trades of other traders involves a high level of risks, even when copying or replicating the top-performing traders. Past performance of a BingX community member is not a reliable indicator of his future performance. Content on BingX's trading platform is generated by members of its community and does not contain advice or recommendations by or on behalf of BingX.