x402 Protocol Hack: GoPlus Warns of $17.6K USDC Theft

GoPlus Reveals Details of the Suspected x402 Protocol Hack

Coinbase’s cross-chain bridge, which has recently gained significant traction in the crypto space, is now under suspicion for a possible security breach. As reported by the GoPlus security firm, the x402 Protocol hack has affected over 200 users and resulted in a theft of about $17.6k in USDC.

The platform token's 500% surge in a day drew significant attention to the platform, making this attack particularly noteworthy. The incident's timing raises concerns, given the platform's sudden surge in popularity.

GoPlus Reveals x402 Protocol Hack

In a recent Twitter post, the GoPlus security platform has revealed a possible x402 Protocol hack. Reportedly, the attackers stole about 17,693 USDC, affecting about 200 users.

Chinese reporter Wu Blockchain took to Twitter to share insights on the hack as revealed by GoPlus. As per the statement, the contract creator had transferred ownership to an address starting with 0x2b8F. The new contract owner had subsequently called the transferUserToken method to transfer the remaining USDC from authorized user wallets.

Over 200 users have reportedly lost their stabecoins due to excessive authorization. They had to authorize USDC to the 402bridge contract before minting. According to the report, the address had transferred a total of 17,693 USDC from users, swapped it for ETH, and moved it to Arbitrum through multiple cross-chain transactions. GoPlus advised users who had participated in the project to promptly revoke the relevant authorization.

Token Price Plummets, But Trades in Green

Following the suspected hack, the token has started plummeting from its yesterday’s highs. As CoinGabbar reported, the x402 crypto marked significant gains since its launch on October 27, 2025. Although the cryptocurrency hit a high of $0.000000000008 earlier today, it slipped to $0.000000000003 after the suspected security breach.

As of press time, the altcoin is trading at $0.000000000003166, with massive gains of 190% in the last day and 4085% over the past two days. Despite the fall in price, the cryptocurrency is still holding onto the green despite the hack.

After the incident, traders are indicating increasing interest in the crypto by posting the 24-hour trading volume increasing by 1440% as the trading volume has hit $1.71 million. This aligns with reports showing recent explosive growth in transaction activity on the network, with 10,000% in a month, as over 500k transactions were executed in one week. Traders could be speculating on the future of the platform and betting on its growth and adoption regardless of the security issue.