Odaily reported that Axelar Network has identified an incident affecting assets bridged from the Axelar chain to Secret Network through IBC. According to Axelar, approximately $4.67 million worth of tokens were stolen in the incident.
Based on the information currently available to the team, the issue is limited to the ICS-20 smart contract on the Secret side. That contract forms part of the Cosmos IBC connection between Secret and Axelar and is used to bridge assets from Axelar to Secret.
After discovering the incident, the Axelar emergency committee immediately disabled the Secret and Secret-SNIP connections. The team said it is contacting relevant exchanges and law enforcement agencies in connection with the token theft.
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