Axelar (AXL)

Axelar–Secret Bridge Exploited for $4.67M

@Axelar confirmed around $4.67 million in tokens were drained from assets bridged over IBC to Secret Network.

Where the Flaw Was:
The issue was isolated to the Secret-side ICS-20 contract that handles assets from the Axelar chain. Axelar's core protocol, other IBC connections, and native Secret tokens are safe.

Why It Is Hard to Trace:
Secret is a privacy chain, so transactions and balances are encrypted. The exploit transaction is invisible on-chain, making tracking the attacker difficult.

Axelar disabled the Secret and Secret-SNIP bridge connections and is now working with exchanges and law enforcement to track the funds.

Bridges remain one of DeFi's biggest risk points. Be careful with cross-chain transfers and wait for official updates before moving funds.

Axelar prevented contagion

A connected chain suffered an exploit and Axelar successfully contained it.

This is the strongest argument for the purge. https://t.co/PNzoI5YnqQ

Axela network, bridge assets hacked, $4.67 million stolen

https://t.co/HIDeBg15cR https://t.co/UHvsFe3oBU