Axelar Network Hacked, Approximately $4.67 Million in Tokens Stolen

CoinFeed June 20 news, Axelar Network stated on X platform that it has discovered an incident affecting assets bridged from Axelar chain to Secret Network via IBC, with approximately $4.67 million worth of tokens stolen. Based on currently available information, the issue is limited to the ICS-20 smart contract on the Secret side, which is a component of the Cosmos IBC connection between Secret and Axelar, used to bridge assets from Axelar to Secret. The Axelar emergency committee immediately disabled the Secret and Secret-SNIP connections upon discovering the incident. The team is contacting relevant exchanges and law enforcement agencies.