Continuation of the Axelar Network incident: Secret Network has finally suspended the Axelar bridge after an infinite-mint loophole caused losses of assets worth $4.67 million.
Secret Network temporarily halted its Axelar bridge after an attacker exploited a long-existing token-minting loophole in the CW20-ICS20 contract to create unbacked tokens and redeem about $4.67 million in wrapped assets over seven days. The drained assets include saUSDT, saUSDC, saWETH, and saWBTC, and both Secret and Axelar blame the Secret-side contract while working with exchanges and law enforcement.
The bridge attack drained assets worth $4.67 million, forcing the bridge to be suspended, and involved various assets including saUSDT, saUSDC, saWETH, and saWBTC. This is real, impactful security news for the market, with negative implications for the affected network and bridge users.
Quoted from:
https://whale-alert.io/stories/f0c401617cce28/Secret-Network-suspends-Axelar-bridge-after-infinite-mint-flaw-drains-467M-in-wrapped-assets
Reference:
https://thedefiant.io/news/hacks/secret-network-axelar-bridge-drained-4-67m-infinite-mint-flaw
#investigation $AXL