The exploit targeted a bridge smart contract, leaving Secret and Axelar tokens near historic lows but sparing core networks.
A vulnerability in a Secret Network bridge smart contract led to a $4.7M exploit, enabling an infinite mint bug. The incident did not affect Secret (SCRT) or Axelar (AXL) tokens directly, though both remain sharply lower from peaks, trading at $0.058 and $0.045, respectively.
Secret Network’s token is down 99% from its 2021 all-time high, while Axelar’s AXL has fallen 98% from its 2024 peak. Axelar confirmed the exploit on Saturday, clarifying that neither its network nor the Inter-Blockchain Communication protocol was compromised. The firm added that its firewalling contained the impact, preventing spread to other chains.
The exploited contract was not developed or maintained by Axelar, according to the statement. Market reaction has been muted, with no immediate signs of broader contagion.