Axelar shuts down Secret Network bridge routes after $4.7M exploit drains bridged assets
first published 2026-06-19T20:20:19Z
Axelar disabled its Secret Network bridge routes after a security incident reportedly drained about $4.67 million in bridged assets. Early investigation points to a Secret-side ICS-20 smart contract in the Cosmos IBC connection, while Axelar says its core protocol was not affected and it has contacted exchanges and law enforcement.
AI Analysis
The summary describes a security incident that drained about $4.67 million in bridged assets and forced Axelar to shut down bridge routes. That is directly negative for the affected protocol and can move nearby bridge and Cosmos ecosystem assets in the short term.
Expected Investor Sentiment: Bearish
Potential Market Impact: Significant
