Axelar Network disclosed on X that it has identified a security incident involving assets bridged over IBC to Secret Network from the Axelar chain. According to the statement, approximately $4.67 million worth of tokens were taken. Axelar described the affected assets as those moved from Axelar to Secret Network through IBC, and did not describe the incident as affecting all Axelar assets or all Secret Network assets.
The project said that, based on current information, the issue is isolated to the Secret-side ICS-20 smart contract of the Cosmos IBC connection between Secret and Axelar. Axelar also specified that this contract is used for assets bridged from Axelar to Secret. The wording of the disclosure therefore places the focus on the Secret-side contract within that specific IBC connection, rather than on Axelar’s wider set of integrations or on the Axelar core protocol.
Incident limited to assets bridged from Axelar to Secret
In its post, Axelar stated that the incident is isolated to assets on Secret that were bridged over IBC from Axelar. The company did not provide token-by-token details, addresses, transaction paths, or recovery information in the input disclosure. The confirmed figure in the post is the approximate value taken: $4.67 million worth of tokens.
The post identified the relevant technical component as the Secret-side ICS-20 smart contract in the Cosmos IBC connection between Secret and Axelar. It also explained the role of that component in the context of the affected flow: it is used for assets bridged from Axelar to Secret. No other technical exploit path was described in the provided material.
Axelar emergency committee disables Secret connections
Axelar said that immediately after becoming aware of the incident, the Axelar emergency committee disabled the Secret and Secret-SNIP connections. The statement reads that the committee acted “immediately upon becoming aware of the incident,” and names both the Secret connection and the Secret-SNIP connection as disabled.
The team also said it is reaching out to the relevant exchanges and law enforcement agencies. The disclosure does not name the exchanges or agencies being contacted, and it does not include additional details on any response from those parties. The information available from the post is that Axelar has started those contacts as part of its response to the incident.
Axelar says core protocol is not affected
Axelar emphasized several boundaries around the incident. It said no other IBC connections or Secret tokens appear impacted. It also stated that no other Axelar integrations are affected. In the same statement, Axelar added that its core protocol is not affected.
Those statements separate the disclosed incident from Axelar’s other integrations and from the broader Axelar protocol layer. The issue described in the post remains tied to assets bridged over IBC from Axelar to Secret and to the Secret-side ICS-20 smart contract in the Cosmos IBC connection between Secret and Axelar.
Post-mortem to follow
The X post was timestamped at 13:40 on June 19, 2026. The page information in the input showed 79,000 views and a “Read 48 replies” prompt. Axelar closed its statement by saying that it is preparing a detailed post-mortem.
Based on the information provided, the confirmed facts are as follows: about $4.67 million in tokens were taken; the affected assets were bridged over IBC from the Axelar chain to Secret Network; the issue is described as isolated to the Secret-side ICS-20 smart contract; the Axelar emergency committee disabled the Secret and Secret-SNIP connections; Axelar is contacting relevant exchanges and law enforcement agencies; and Axelar says no other IBC connections, Secret tokens, Axelar integrations, or the Axelar core protocol are affected.