Secret Network bridge drained of $4.7M via 'infinite mint' bug

An attacker exploited an 'infinite mint' bug on Secret Network to create $4.7M in unbacked wrapped assets. The hack went undetected for a week.

• The exploit happened June 10 but was only discovered a week later after a failed cross-chain transaction.
• The attacker minted unbacked Axelar-wrapped assets (saTokens) because the smart contract didn't verify the source of inbound transfers.
• Stolen assets included saUSDT, saUSDC, saDAI, saWETH, saWBTC, saWBNB and sawstETH.
• The hacker moved funds to Ethereum, split them across 30 wallets, and deposited into KuCoin, ChangeNow, and HitBTC.
• Axelar confirmed its protocol was not compromised; the vulnerable contract was not developed or maintained by Axelar.

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