Secret Network bridge exploit mint unbacked Axelar saTokens, $4.67M don kpai

News about Secret Network bridge exploit: attackers use one bug for Axelar-wrapped saTokens contract wey dey related to minting process. On June 10, the bug allow minting unbacked wrapped assets, and on June 17 e show after one failed cross-chain attempt wey trigger “insufficient funds” error. According to Common Prefix, the Secret Network bridge exploit succeed because the contract no check the source channel of inbound transfers before e mint. The attacker forge deposits, create saTokens wey look like dem get collateral, then redeem dem through Axelar channels to drain real escrowed funds. Affected tokens include saUSDT, saUSDC, saDAI, saWETH, saWBTC, saWBNB and sawstETH. After the theft, the stolen assets dem bridge go Ethereum, convert to ETH, and distribute across about 30 wallets; some proceeds later move go exchanges like KuCoin, ChangeNow and HitBTC. Secret Network warn holders of Axelar-bridged saXXX tokens say backing fit don compromise and funds fit lost. Dem say SCRT (native token) no affect. Axelar talk say neither the Axelar network nor IBC compromise, and the issue limited to one third-party token contract. For traders, the Secret Network bridge exploit add short-term risk pressure on cross-chain wrapped assets and liquidity providers, during one active month wey get 20+ reported DeFi exploits (DeFiLlama data).