Axelar Suffers $4.67M Security Incident, Tokens Stolen from Secret Network

Axelar, a blockchain interoperability protocol, has announced a security incident affecting assets bridged via its IBC connection with the Secret Network.

The company stated that approximately $4.67 million worth of tokens were stolen as a result of the incident, which it claims is limited to the Secret-side ICS-20 smart contract in the Cosmos IBC connection used for assets bridged from Axelar to the Secret Network.

Axelar's emergency committee disabled the Secret and Secret-SNIP links immediately after becoming aware of the incident, and the company has contacted relevant exchanges and law enforcement agencies.

The issue is said to be confined to assets bridged from Axelar to the Secret Network via IBC, with other IBC connections or Secret tokens appearing unaffected.