Axelar shuts down Secret Network bridge routes after $4.7M exploit

Axelar has disabled its Secret Network bridge connections after a security incident resulted in the loss of roughly $4.7 million worth of bridged assets. According to Axelar, the exploit affected assets transferred from the Axelar chain to Secret Network through…

• Axelar has disabled its Secret Network bridge connections following a $4.7 million exploit targeting assets bridged via the Cosmos IBC framework.
• The incident is believed to be isolated to a Secret-side ICS-20 smart contract, with Axelar's core protocol remaining unaffected.
• This exploit adds to a recent trend of security breaches impacting the crypto infrastructure and DeFi sectors.

Topics: Blockchain usage, Risk default, Infrastructure providers, Non evm chains, Smart contract vulnerabilities, Tokenization platforms

Tags: #axelar #secretnetwork #bridgeexploit #47million #ics20contract #blockchainsecurity #interoperability #cosmosibc #privacyfocusedblockchain

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