Odaily reported that Axelar Network has identified an incident affecting assets bridged from the Axelar chain to Secret Network through IBC. According to Axelar Network, about $4.67 million worth of tokens were stolen. The affected assets were described as those moving from Axelar to Secret Network through the IBC route connecting the two networks.
Issue Limited to the Secret-Side ICS-20 Contract
Based on the information currently available to Axelar Network, the issue is limited to the ICS-20 smart contract on the Secret side. The contract is part of the Cosmos IBC connection between Secret and Axelar and is used to bridge assets from Axelar to Secret. Axelar’s statement places the incident within this Secret-side contract component of the connection.
After discovering the incident, the Axelar emergency committee immediately disabled the Secret and Secret-SNIP connections. Axelar Network also said its team is contacting relevant exchanges and law enforcement agencies as it responds to the theft involving approximately $4.67 million in tokens.