Search results for Axelar
Crypto
Secret Network proposes move from Cosmos to Arbitrum, citing AI-driven security risks
Secret Network has proposed moving from Cosmos to Ethereum layer2 Arbitrum, citing security risks tied to AI-enabled vulnerability exploitation and a weakening Cosmos ecosystem. It has run privacy-protecting smart contracts on Cosmos since 2020, but said older code has become easier to analyze and cheaper to attack using AI. The June Axelar-Secret IBC bridge exploit was also cited as a factor.
Crypto
Former Ripple CTO questions XRPL staking debate, says asset control should come first
Former Ripple Chief Technology Officer David Schwartz raised asset control as the core issue in debate over possible XRP Ledger staking. Asked whether XRPL could support staking, he replied with a question about being one’s own bank versus being paid to be someone else’s bank. XRPL does not support native staking and uses a proof-of-association consensus model, with fees burned rather than paid out, making rewards harder to fund. External services are testing XRP yield programs.
Crypto
Secret Network bridge hit by \'infinite mint\' bug, $4.67 million stolen
An exploit using an infinite-issuance bug in a vulnerable Secret Network smart contract stole about $4.67 million, Cointelegraph reported on Sunday. The hack occurred on June 10 but was detected on June 17. Blockchain research firm Common Prefix said suspicious activity was spotted after cross-chain transactions failed with an \"insufficient balance\" error. Stolen assets included saUSDT, saUSDC and saWETH, among others.
