The 402 Protocol bridge contract has been compromised, with the owner address altered in a suspected private key theft. The incident, which may involve insider activity, does not appear to be a typical rug pull. A hacker, identified as 0x2b8F95560b5f1d1a439dd4d150b28FAE2B6B361F, exploited the breach to steal USDC from users authorized on the bridge contract. The stolen funds were converted into 4.2 ETH and transferred cross-chain to Arbitrum. This marks the first public theft case involving the 402 Protocol's services.