Secret Network bridge exploited for $4.7M with ‘infinite mint’ bug

Exploit Details

An exploit of the Secret Network went undiscovered for a week as the hacker moved the loot into Ethereum and then to exchanges. The attack involved an "infinite mint" bug in a token bridge, resulting in the theft of approximately $4.7 million.

Token Impact

The Secret Network's token, Secret (SCRT), was not impacted by the incident, but it remains down 99% from its 2021 all-time high, currently trading at $0.058. Axelar's native token, Axelar (AXL), is in a similar state, trading at $0.045, down 98% from its 2024 peak.

Axelar's Response

Axelar posted a confirmation on Saturday following "some confusion" around the incident. The company clarified:

• "Neither Axelar nor IBC [Inter-Blockchain Communication] was compromised."
• "The exploited token smart contract was not developed, deployed, or maintained by Axelar."
• "Axelar's firewalling prevented the impact from spreading to other chains."

Market Context

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