Axelar Clarifies $4.67 Million Exploit Incident
- Exploit Origin Analysis: Axelar identified that the exploit originated from a modified Secret Network contract that removed key token minting safeguards, enabling attackers to mint unbacked assets and drain funds through legitimate bridge channels, resulting in a loss of $4.67 million.
- Lack of Security Audit: The exploited contract was a fork of the CW20-ICS20 implementation, and Axelar emphasized that it was neither developed, deployed, nor maintained by its team, with the modification lacking a new security audit, thus increasing the risk of an infinite mint vulnerability.
- Delayed Discovery Issue: The exploit affected seven assets, including saUSDT and saUSDC, with investigations revealing that the vulnerability existed since the contract's deployment in early 2023, only being discovered on June 17 due to a failed cross-chain transfer, highlighting that encrypted balances made the shortfall difficult to detect.
- Subsequent Measures: Following the discovery, Axelar promptly disabled its connections to Secret Network and ensured that its firewall measures prevented the issue from spreading, indicating that no other parts of its core protocol were impacted while continuing to coordinate with relevant parties regarding the stolen assets.
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Technical Analysis for OSMO
Technical Sentiment Analysis for Osmosis (OSMO). As of , Osmosis (OSMO) is exhibiting a Sell technical sentiment. Our proprietary analysis, which aggregates 5 technical signals, shows that 1 indicators are flashing buy, while 4 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for OSMO stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the crypto.
Support, Resistance & Moving Averages. From a structural perspective, OSMO is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
Osmosis (OSMO) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 0.0286 | 0.0314 | 0.0339 | 0.0367 | 0.0392 | 0.042 | 0.0445 |
| Fibonacci | 0.0314 | 0.0334 | 0.0346 | 0.0367 | 0.0387 | 0.0399 | 0.042 |
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