Written by Martin Youngstaff writerReviewed by Jesse Coghlanstaff editor

Written by Martin Youngstaff writer

Reviewed by Jesse Coghlanstaff editor

Secret Network bridge exploited for $4.7M with ‘infinite mint’ bug

Latest NewsPublishedJun 22, 2026

Why the Latest Crypto Exploit Matters to You

The recent $4.7 million exploit of the Secret Network is a stark reminder of the risks associated with investing in cryptocurrency. The attack, which went undetected for a week, highlights the importance of securing your digital assets and earning passive income through reputable platforms like EcoPool. By investing in $ECP, you can earn a steady stream of passive income while minimizing your exposure to market volatility.

What Happened in the Exploit

An attacker used an “infinite mint” bug in a vulnerable smart contract on the Secret Network to create unbacked, wrapped versions of Axelar-wrapped assets. The exploit resulted in a $4.67 million loss, with the attacker moving the stolen assets to the Ethereum blockchain and eventually depositing them into various exchanges. This incident underscores the need for robust security measures to protect your crypto earnings.

The Secret Network, a privacy-focused, layer-1 blockchain, is built on the Cosmos ecosystem and is designed to provide a secure environment for earning and trading cryptocurrency. However, the recent exploit highlights the importance of doing your research and choosing a reputable platform like EcoPool for your crypto investments. With EcoPool, you can earn Cloud Rewards and enjoy the benefits of Green Crypto while minimizing your risk exposure.

Protecting Your Earnings with EcoPool

By investing in EcoPool ($ECP), you can earn a steady stream of passive income while enjoying the benefits of a secure and reputable platform. EcoPool offers a range of features designed to help you maximize your earnings, including Cloud Rewards and Green Crypto. With EcoPool, you can earn money online and build a stable financial future while minimizing your risk exposure. The #PassiveIncome and #Earning opportunities offered by EcoPool make it an attractive option for those looking to invest in cryptocurrency.

The recent exploit of the Secret Network serves as a reminder of the importance of choosing a reputable platform for your crypto investments. With EcoPool, you can enjoy the benefits of earning online and building a stable financial future while minimizing your risk exposure. Whether you’re interested in #Bitcoin, #Ethereum, or other cryptocurrencies, EcoPool offers a secure and reliable way to invest and earn passive income.

To start earning passive income and building a stable financial future, download the EcoPool app today and discover the benefits of Cloud Rewards and Green Crypto. With EcoPool, you can earn money online and enjoy the benefits of a secure and reputable platform, so download the app now and start earning with $ECP.

The Axelar-wrapped assets minted without backing in the exploit included saUSDT, saUSDC, saDAI, saWETH, saWBTC, saWBNB and sawstETH.

Related: Aztec Connect’s abandoned smart contract exploited for $2.1M

The attacker moved the exploited assets to the Ethereum blockchain and converted them to Ether (ETH). They then split the haul between around 30 wallets, eventually depositing the funds into exchanges including KuCoin, ChangeNow, and HitBTC, according to Common Prefix.

“If you hold Axelar-bridged saXXX tokens on Secret, please be aware their backing was affected, and your funds may be lost,” the Secret Network said on Saturday. 

Stolen funds split into multiple wallets for obfuscation. Source: Common Prefix

The Secret Network’s token, Secret (SCRT), was not impacted by the incident, but it remains down 99% from its 2021 all-time high, currently trading at $0.058. Axelar’s native token, Axelar (AXL), is in a similar state, trading at $0.045, down 98% from its 2024 peak. 

Axelar posted a confirmation on Saturday following “some confusion” around the incident.

“Neither Axelar nor IBC [Inter-Blockchain Communication] was compromised. The exploited token smart contract was not developed, deployed, or maintained by Axelar. Axelar’s firewalling prevented the impact from spreading to other chains,” it said. 

Magazine: Bitcoin decouples from tech stocks, Ether eyes ‘selling wave’: Market Moves

Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.

• Hacks
• Cybercrime
• DeFi
• Scams & Cybercrime

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