Secret Network’s Axelar bridge drained for $4.67 million in infinite-mint exploit that went unnoticed for seven days

Secret Network says about $770,000 of the stolen funds still sits in the attacker's Axelar wallet, and that Axelar declined its request to freeze it.

• An attacker exploited a vulnerability in Secret Network's Axelar bridge, minting unbacked tokens and draining approximately $4.67 million over seven days.
• The exploit targeted a modified CW20-ICS20 contract that lacked source channel validation, allowing forged deposits to mint saTokens which were then redeemed for real assets.
• Axelar disabled the affected connections, stating its core protocol was not compromised, while Secret Network noted that a significant portion of the stolen funds remains in the attacker's wallet, with Axelar declining a request to freeze them.

Topics: Blockchain usage, Risk default, Infrastructure providers, Layer 2 scaling, Smart contract vulnerabilities, Tokenization platforms

Tags: #secretnetwork #axelar #bridgeexploit #infinitemint #satokens #commonprefix #cw20ics20 #cosmoschain #osmosis #ethereum

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