A bridge connected to Secret Network suffered a $4.7 million loss after an attacker exploited an 'infinite mint' bug. The incident, which occurred on an unspecified date, did not affect the native Secret (SCRT) token, but the token's price has nonetheless declined 99% from its 2021 all-time high, currently trading at $0.058.
Axelar confirms no compromise
Axelar, the cross-chain protocol involved, posted a confirmation on Saturday after 'some confusion' around the event. It stated that neither Axelar nor the Inter-Blockchain Communication (IBC) protocol was compromised. The exploited token smart contract was not developed, deployed, or maintained by Axelar, and its firewalling prevented the impact from spreading to other chains.
Token prices remain depressed
Despite the exploit's limited direct impact, both SCRT and Axelar's native token, Axelar (AXL), trade at depressed levels. AXL is down 98% from its 2024 peak, currently priced at $0.045. The broader market conditions and lingering concerns over bridge security may continue to weigh on these assets.