Secret Network’s Axelar Bridge Hacked for $4.67M in Unnoticed Exploit
Secret Network lost $4.67 million in an infinite-mint exploit on the Axelar bridge, which went undetected for seven days. The attacker still holds about $770,000 in an Axelar wallet, which Axelar declined to freeze.
Secret Network revealed that its Axelar bridge was exploited for $4.67 million in an infinite-mint attack. The hack went unnoticed for seven days, allowing the attacker to siphon funds undetected.
According to Secret Network, approximately $770,000 of the stolen funds remain in the attacker's Axelar wallet. The network requested that Axelar freeze these funds, but Axelar declined the request, citing its policy not to freeze assets unilaterally.
This incident highlights the risks associated with cross-chain bridges, which have been frequent targets for exploits. For everyday users, this underscores the importance of monitoring bridge security and being cautious with assets transferred across different blockchains.
Secret Network has not yet provided a detailed plan for reimbursing affected users or enhancing security measures. Users should watch for official updates from Secret Network regarding any compensation or security improvements that may follow this exploit.