Secret Network Loses $4.67M in Infinite Mint Exploit

Secret Network Loses $4.67M in Infinite Mint Exploit

A smart contract bug on Secret Network let an attacker mint unbacked tokens and drain $4.67 million in Axelar-wrapped assets before moving funds to Ethereum.

Secret Network Axelar Bridge Hack Results in $4.67M Loss via Infinite-Mint Exploit - The Cryptocurrency Post

Secret Network’s Axelar–related bridge flow was hit by an “infinite mint” exploit that reportedly allowed an attacker to create unbacked wrapped assets and drain about $4.67 million, according to a CryptoTimes report citing Axelar’s announcement and a Common Prefix technical write-up. Available reporting says the issue affected a modified cross-chain token contract on Secret Network rather than Axelar’s core network. Axelar said its network and …

Secret Network Hit With $4.67M Infinite Mint Exploit Losses

An attacker exploited an “infinite mint” vulnerability in a smart contract on Secret Network to create wrapped versions of Axelar-backed assets without the normal backing. According to Common Prefix, the resulting loss reached $4.67 million, with the incident first occurring on June 10 and later being detected on June 17 after irregularities surfaced during a failed cross-chain transfer. The exploit relied on a flaw in how inbound transfers were…

Secret Network Bridge Hit by $4.67M Exploit Via Infinite-Mint Flaw

Secret Network has confirmed a significant security incident involving its Axelar bridge, which was exploited to drain approximately $4.67 million. …

Hacker Used Fake IBC Channel to Drain Secret Network’s Axelar Bridge

How Did The Axelar-Secret Bridge Exploit Happen? An attacker drained roughly $4.67 million from Secret Network’s Axelar bridge after exploiting a flaw in a modified bridge contract that handled assets moving from Axelar to Secret Network. The attack targeted a modified CW20-ICS20 contract on Secret Network. The contract was designed to mint Secret-wrapped versions of Axelar-wrapped assets, known as saTokens, when tokens moved through the bridge.…