AFX Trade Attacker Begins Swapping ETH Into BTC via THORChain

AI Market Summary

On-chain monitoring indicates the AFX Trade attacker is actively rotating stolen funds, swapping ETH into BTC via THORChain. The bridge exploit involved 24.15M USDC converted into 12,467.4 ETH, with 655.4 ETH already swapped for 18.86 BTC. Ongoing laundering and cross-chain flows typically raise near-term sell-pressure concerns and can heighten scrutiny of bridge and DEX-related liquidity conditions.

Impact level

● Medium

Affected assets

ETH/USDT+0.85%

AI Insight · ETH/USDTAI Insight

▼ Bearish

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According to Ash monitoring, the attacker behind the AFX Trade exploit has started converting ETH to BTC using THORChain. Before the swap activity began, AFX Trade's bridge was drained of 24.15 million USDC, which was later exchanged into 12,467.4 ETH. About an hour ago, the attacker initiated ETH-to-BTC swaps on THORChain; to date, 655.4 ETH has been converted into 18.86 BTC.

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