#AxelarBridgeHackLoses$4.67M
๐จ AXELAR BRIDGE HACK: $4.67M Drained in Secret Network Exploit! ๐จ
Another day, another bridge bleeding millions.
Axelar just confirmed $4.67 million stolen through its IBC connection to Secret Network. Attacker exploited a vulnerable ICS-20 smart contract on the Secret side โ minting unbacked wrapped tokens (saUSDC, saUSDT, etc.) that were later redeemed for real assets.
The exploit sat undetected for 9 days thanks to Secretโs encrypted transactions. Axelarโs Emergency Committee acted fast: disabled the affected bridges, core protocol remains secure. Teams now working with exchanges and law enforcement.
Bridges keep getting cooked. Over $340M lost in cross-chain hacks this year alone. Is this the cost of interoperabilityโฆ or a wake-up call for better audits and faster upgrades? ๐ฑ
LPs, bridgers, and degens: Double-check your funds and stay paranoid.
Whatโs your take โ more regulation needed or just โcode is lawโ risks? Drop it below ๐
#Axelar #SecretNetwork #BridgeHack
DYOR โ Bridges are high risk. This is not financial advice. ๐ฅ
$BTC $ETH
$SOL
๐จ AXELAR BRIDGE HACK: $4.67M Drained in Secret Network Exploit! ๐จ
Another day, another bridge bleeding millions.
Axelar just confirmed $4.67 million stolen through its IBC connection to Secret Network. Attacker exploited a vulnerable ICS-20 smart contract on the Secret side โ minting unbacked wrapped tokens (saUSDC, saUSDT, etc.) that were later redeemed for real assets.
The exploit sat undetected for 9 days thanks to Secretโs encrypted transactions. Axelarโs Emergency Committee acted fast: disabled the affected bridges, core protocol remains secure. Teams now working with exchanges and law enforcement.
Bridges keep getting cooked. Over $340M lost in cross-chain hacks this year alone. Is this the cost of interoperabilityโฆ or a wake-up call for better audits and faster upgrades? ๐ฑ
LPs, bridgers, and degens: Double-check your funds and stay paranoid.
Whatโs your take โ more regulation needed or just โcode is lawโ risks? Drop it below ๐
#Axelar #SecretNetwork #BridgeHack
DYOR โ Bridges are high risk. This is not financial advice. ๐ฅ
$BTC $ETH
$SOL