$SCRT Bridge exploited by "infinite minting" bug lost 4.7 million — another illusion of "safe after audit"
The Secret Network cross-chain bridge was exploited due to a smart contract vulnerability, allowing attackers to "infinite mint" tokens without backing, pulling approximately $4.67 million from Axelar wrapped assets, and subsequently moving the funds to Ethereum.
Shadow Interpretation: This isn’t the first instance of an "infinite minting" exploit, and it won’t be the last. The security of bridges isn’t determined by the number of stamps on audit reports, but rather the interplay between locked value and the cost of attacks. When the locked TVL falls below the expected gains for attackers, vulnerabilities will inevitably be targeted. The real takeaway from this incident isn’t how much SCRT dropped, but rather how the defending contracts are continually being tested by attackers at minimal cost. DeFi users need to re-evaluate "bridge risk".
💬 With the bridge drained of 4.7 million, would you still dare to put money into DeFi protocols? Let’s chat in the comments about your current on-chain position safety strategies.
#DeFi #BridgeExploit #ShadowShaman
The Secret Network cross-chain bridge was exploited due to a smart contract vulnerability, allowing attackers to "infinite mint" tokens without backing, pulling approximately $4.67 million from Axelar wrapped assets, and subsequently moving the funds to Ethereum.
Shadow Interpretation: This isn’t the first instance of an "infinite minting" exploit, and it won’t be the last. The security of bridges isn’t determined by the number of stamps on audit reports, but rather the interplay between locked value and the cost of attacks. When the locked TVL falls below the expected gains for attackers, vulnerabilities will inevitably be targeted. The real takeaway from this incident isn’t how much SCRT dropped, but rather how the defending contracts are continually being tested by attackers at minimal cost. DeFi users need to re-evaluate "bridge risk".
💬 With the bridge drained of 4.7 million, would you still dare to put money into DeFi protocols? Let’s chat in the comments about your current on-chain position safety strategies.
#DeFi #BridgeExploit #ShadowShaman