Hack Panic at an Altcoin: They Issued an Official Statement

The blockchain interoperability protocol Axelar announced the detection of a security incident affecting assets bridged via its IBC connection with the Secret Network. According to the company, approximately $4.67 million worth of tokens were stolen as a result of the incident.

Axelar stated that, according to current information, the issue is limited to the Secret-side ICS-20 smart contract in the Cosmos IBC connection used for assets bridged from Axelar to the Secret Network. The company maintained that the incident did not affect Axelar’s core protocol and that other Axelar integrations remain secure.

The statement said that Axelar’s emergency committee disabled the Secret and Secret-SNIP links immediately after becoming aware of the incident. Axelar also stated that they have contacted the relevant exchanges and law enforcement agencies.

The company stated that the issue was limited to assets bridged from Axelar to the Secret Network via IBC, and that other IBC connections or Secret tokens did not appear to be affected.

Axelar also announced that it has prepared a detailed investigation report into the security incident.

*This is not investment advice.