Secret Network Suffers $4.67 Million Exploit Due to Smart Contract Bug

Written by Ohris M. Greyoon, Blockchain & Crypto Expert

Source: Coinmarketcap

Updated: Jun 22 2026

SCRT+2.39%

AXL-2.489%

AZTEC-2.7%

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Incident Overview: An attacker exploited an 'infinite mint' bug in a vulnerable smart contract on the Secret Network, resulting in a $4.67 million theft, highlighting significant security flaws within the network.
Vulnerability Discovery and Impact: The exploit occurred on June 10 but was only discovered on June 17 due to a failed cross-chain transaction caused by an 'insufficient funds' error, indicating a lack of effective monitoring mechanisms.
Types of Assets and Transfer: The stolen Axelar-wrapped assets included saUSDT and saUSDC, which the attacker transferred to Ethereum and converted to Ether, subsequently dispersing them into around 30 wallets to obfuscate their trail.
Market Reaction and Consequences: While the Secret Network's native token SCRT was unaffected, it has plummeted 99% from its all-time high in 2021, currently trading at $0.058, reflecting market concerns over the network's security.

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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	0.0322	0.0416	0.0506	0.06	0.069	0.0784
Fibonacci	0.0322	0.0392	0.0435	0.0506	0.0576	0.0619	0.069

About SCRT

Secret Network is a layer-1 blockchain built on Cosmos which uses TEE technology to ensure all input, output, and state are encrypted by default. This hardware approach is the fastest and most efficient form of confidential computing. Its smart contracts are called Secret Contracts and allow decentralized applications to use private data on Secret, similar to how smart contracts operate on other blockchains. However, Secret Contracts are private by default.Additionally, Secret Network has launched the Secret AI SDK which uses TEE-enabled GPU hardware, integrated with the L1 blockchain, unlocking privacy-preserving decentraized AI. Secret AI allows for end-to-end encrypted LLM models and AI agents, unlocking private chatbots, DeFAI agents, proprietary AI business models, and more.Through interoperability via Cosmos Inter Blockchain Communications standard and further integrations of Secret’s Confidential Computing Layer, it unlocks privacy-preserving smart contracts for public blockchains including Ethereum, major EVM networks, and Solana. Making Secret Network the confidential computing hub of web3 and AI.

About the author

Ohris M. Greyoon

Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.

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