🚨 Secret Network’s Axelar bridge is suspended after a $4.67 million infinite-mint exploit 🚨
The Secret Network and Axelar bridge was suspended after a reported exploit that allowed an attacker to mint unbacked wrapped assets. The incident reportedly involved a validation gap in a modified IBC contract, letting forged packets create supply that was not properly backed.
🔑 Key highlights:
🔹️ The Secret Network / Axelar bridge was suspended after a reported $4.67 million exploit.
🔹️ The attacker allegedly used forged IBC packets to mint unbacked wrapped assets.
🔹️ The issue centered on a CW20-ICS20 contract that failed to properly verify the source channel of incoming IBC messages.
🔹️ The reported timeline says the exploit happened on June 10, was discovered on June 17, and the bridge was disabled on June 19.
🔹️ The article notes that bridge failures can create losses even when the underlying chains themselves continue operating normally.
🎯 Bottom Line: The exploit reportedly came from a bridge-validation failure, and the response was to suspend the connection.
https://bitcoinist.com/secret-network-axelar-bridge-suspended-after-4-67m-infinite-mint-exploit/