Axelar Says Bridge Incident Led to $4.67M Token Theft

June 20 — Axelar Network said on X it has identified an incident affecting assets bridged from Axelar to Secret Network via IBC, resulting in the theft of about $4.67 million in tokens. The network said preliminary findings indicate the problem is confined to the ICS20 smart contract on the Secret side, a component of the Cosmos IBC link between Secret and Axelar that supports transfers from Axelar to Secret. Axelar's Emergency Committee has disabled connections to Secret and SecretSNIP, and the team is working with relevant exchanges and law enforcement agencies.