•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
Blockchain interoperability network Axelar disclosed on Friday a security incident affecting assets bridged over IBC from the Axelar chain to Secret Network, resulting in the loss of approximately $4.7 million in tokens.
Axelar said it identified an incident affecting assets bridged over IBC to Secret Network from the Axelar chain, with approximately $4.67 million worth of tokens taken.
According to Axelar, based on current information, the issue is isolated to the Secret-side ICS-20 smart contract of the Cosmos IBC connection.
Secret Network is a standalone blockchain designed for privacy-by-default smart contracts, where transaction data is encrypted while code remains verifiable on-chain. Through its integration with Axelar, it enables private cross-chain communication for use cases including confidential DeFi trading, private NFT transactions, and anonymous governance.
Axelar said early findings indicate the issue is isolated to the Secret-side ICS-20 smart contract used in the Cosmos IBC connection between Secret and Axelar for assets transferred from Axelar to Secret.
As an immediate precaution, Axelar’s emergency committee disabled the Secret and Secret-SNIP connections. The team also said it contacted relevant exchanges and law enforcement authorities.
Axelar stated the incident is isolated to assets on Secret that were bridged from Axelar, and that no other IBC connections, Secret tokens, or Axelar integrations appear to be impacted. The company also said Axelar’s core protocol was not affected.
Axelar said it is continuing its investigation and plans to release a detailed post-mortem.
Bitcoin (BTC) investors who use steady dollar-cost averaging (DCA) may be underperforming versus strategies that adjust exposure to the market’s cycle, according to new research arguing that Bitcoin’s behavior differs from traditional long-duration assets.
In a report cited by Markus Thielen of 10x Research, Bitcoin’s market…
