Axelar Confirms $4.7 Million Loss in Secret Network Bridge Exploit

Blockchain interoperability network Axelar confirmed a security breach resulting in the loss of approximately $4.7 million in tokens. The incident specifically targeted assets bridged over IBC from the Axelar chain to Secret Network.

Early findings indicate the exploit is isolated to the Secret-side ICS-20 smart contract within the Cosmos IBC connection. Axelar’s core protocol and other integrations remain unaffected by this vulnerability.

As an immediate precaution, the Axelar emergency committee disabled both Secret and Secret-SNIP connections. The team has notified relevant exchanges and law enforcement authorities to assist with the investigation.

Axelar stated that no other IBC connections or Secret tokens appear compromised. The company continues its forensic analysis and plans to release a detailed post-mortem report soon.