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Axelar Network Loses $4.67M in Tokens After IBC Bridge Vulnerability Exploited

Security Incidents

2026-06-22 00:15:20

WAXL-0.97%

ATOM1.06%

According to ChainCatcher, Axelar Network recently discovered a security incident affecting assets bridged from Axelar to Secret Network via IBC, with approximately $4.67 million in tokens stolen. The vulnerability exists in a modified CW20-ICS20 token contract on Secret Network's end, which facilitates asset transfers between the two chains. An attacker exploited an unlimited minting flaw by launching a new Cosmos chain with a single validator and relaying IBC packets to arbitrarily mint wrapped Axelar assets on Secret, then exiting through the Axelar bridge. The Axelar emergency council immediately disabled the Secret and Secret-SNIP connections. The incident is isolated to IBC assets bridged to Secret; other IBC connections, Secret tokens, and Axelar's core protocol remain unaffected.

Disclaimer: The information on this page may come from third-party sources and is for reference only. It does not represent the views or opinions of Gate and does not constitute any financial, investment, or legal advice. Virtual asset trading involves high risk. Please do not rely solely on the information on this page when making decisions. For details, see the Disclaimer.

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