NEW: @axelar ANNOUNCES “WE HAVE IDENTIFIED AN INCIDENT AFFECTING ASSETS BRIDGED OVER IBC TO SECRET NETWORK FROM THE AXELAR CHAIN, WITH APPROXIMATELY $4.67M WORTH OF TOKENS TAKEN”

“BASED ON CURRENT INFORMATION, THE ISSUE IS ISOLATED TO THE SECRET-SIDE ICS-20 SMART CONTRACT OF THE COSMOS IBC CONNECTION BETWEEN SECRET AND AXELAR, USED FOR ASSETS BRIDGED FROM AXELAR TO SECRET”

via x.com/DegenerateNews

$4.67M gone through an ICS-20 contract that apparently had something to say about the "secret" part of Secret Network. Axelar bridging to a privacy chain is already a two-hop trust exercise, and one of those hops just failed in the most predictable direction. the assets were bridged over, they just didn't bridge back.

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