Multiple decentralized finance (DeFi) protocols and exchanges have collectively lost an estimated $35 million across a series of hacks, raising significant security concerns within the crypto ecosystem. These incidents, occurring within hours of each other, primarily targeted cross-chain systems linking major cryptocurrencies like Bitcoin and Ethereum, according to CoinDesk.
The most substantial loss involved AFX Trade, a decentralized perpetual exchange operating on the Arbitrum network, which was drained of approximately $24 million. Security firms indicated that the attacker exploited compromised bridge keys, utilizing a sufficient number of hot-validator signatures to authorize a 24.15 million USDC withdrawal. Arbitrum, however, clarified that its native bridge remained unaffected by the exploit. WuBlockchain also reported the $24.15 million loss from the AFX bridge exploit.
Cross-Chain Vulnerabilities Exposed
The attacks underscored critical vulnerabilities in cross-chain protocols, which facilitate asset transfers between different blockchain networks. These systems are often susceptible to compromises of private keys, misuse of upgrade powers, and failures in validation checks, allowing attackers to empty protocols without necessarily breaking the underlying cryptographic security, as observed by CoinDesk.
Hours after the AFX Trade incident, the Verus Ethereum bridge was reportedly attacked, leading to further losses. Global Crypto reported a $7.54 million drain from the VerusCoin Bridge exploit. The combined total from these two incidents alone was reported by multiple outlets, including Cointelegraph and KuCoin, to be around $31.6 million across two crypto bridge attacks within a seven-hour period.
Broader Impact and Ongoing Concerns
Beyond these major incidents, other protocols also fell victim. The B² Network and other cross-chain systems were impacted. Furthermore, a separate incident saw the 42DAO Oracle exploited, causing Balance Coin (BLC) to crash by 99% after a $912,000 DeFi hack, according to CryptoRank.
"The series of attacks highlights how compromised keys, upgrade powers and validation checks can empty protocols without breaking the underlying cryptography."
These recent exploits contribute to a troubling trend of security breaches in the crypto space. DefiLlama reported that the crypto industry has lost approximately $17 billion to private key attacks over the past decade, underscoring the persistent challenge of securing digital assets in a rapidly evolving technological landscape. While an exploit on a NIGHT bridge involving Cardano was mentioned by CryptoSlate, leading to 515 million in losses, it did not directly impact ADA, which actually saw an 8% jump following a landmark hard fork.
For both crypto-native and mainstream readers, these events serve as a stark reminder of the inherent risks in DeFi. While blockchain technology offers transparency and decentralization, the interfaces and bridges connecting these disparate systems often present attack vectors that malicious actors are keen to exploit, necessitating continuous vigilance and improved security measures across the industry.
Market Snapshot
| Asset | Price | 24h | Market Cap |
|---|---|---|---|
 Bitcoin BTC | $65,437 | -0.30% | $1312.5B |
 Ethereum ETH | $1,916 | +0.30% | $231.2B |
 BNB BNB | $568.65 | +0.20% | $75.7B |
 XRP XRP | $1.13 | +0.30% | $70.7B |
 Solana SOL | $77.14 | +0.20% | $45.0B |
 Dogecoin DOGE | $0.0723 | +0.20% | $11.2B |
 Cardano ADA | $0.173 | +1.60% | $6.4B |
Live data: CoinGecko — 2026-07-23 07:20 UTC
