Secret Network Suffers $4.67 Million Attack
- Incident Overview: According to Axelar's statement, an attacker exploited a vulnerability in the ICS-20 smart contract to drain approximately $4.67 million worth of tokens from Secret Network, involving seven assets including wrapped USDT and DAI, exposing weaknesses in cross-chain transfer infrastructure.
- Vulnerability Details: Common Prefix noted that the attacker leveraged a modified CW20-ICS20 contract on Secret Network that failed to verify whether token transfers were initiated through an authentic Axelar-controlled IBC channel, allowing malicious IBC packets to be accepted and creating unbacked wrapped tokens.
- Emergency Response Measures: Axelar promptly disconnected the affected IBC connection to Secret Network, emphasizing that the core protocol remained unaffected and that the issue was confined to Secret Network, while also contacting exchanges and law enforcement to address the aftermath.
- Security Warning: Although the financial loss is relatively small, the incident highlights the persistent vulnerabilities in cross-chain message validation, indicating that even if the underlying protocol is uncompromised, flaws in edge contracts can still lead to significant user fund losses.
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Technical Analysis for SCRT
Technical Sentiment Analysis for Secret (SCRT). As of , Secret (SCRT) is exhibiting a Neutral technical sentiment. Our proprietary analysis, which aggregates 5 technical signals, shows that 2 indicators are flashing buy, while 3 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for SCRT 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, SCRT 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 $-.
Secret (SCRT) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 0.0232 | 0.0321 | 0.0416 | 0.0505 | 0.06 | 0.0689 | 0.0784 |
| Fibonacci | 0.0321 | 0.0392 | 0.0435 | 0.0505 | 0.0576 | 0.0619 | 0.0689 |
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