Axelar Network Says Bridge Hack Caused $4.67 Million Loss
JH Kim
Summary
- Axelar Network said it suffered about $4.67 million in losses in a bridge hack.
- The project disabled its Secret Network connection following the incident, while its Core Protocol continues to operate normally.
- Repeated security breaches targeting bridge protocols have brought renewed focus to the security of cross-chain infrastructure.
Forecast Trend Report by Period
Axelar Network said it suffered about $4.67 million in losses in a bridge hack.
In a post on X on June 19, the project said it had disabled its connection to Secret Network following the security incident.
Its Core Protocol was not affected and continues to operate normally.
Axelar said it is investigating the cause of the incident and the extent of the damage, while taking additional security measures.
Axelar provides cross-chain infrastructure that connects assets and data across multiple blockchains.
Security breaches targeting bridge protocols have repeatedly hit the crypto industry in recent years, bringing renewed focus to the security of cross-chain infrastructure.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
