Secret Network Suffers $4.67M Infinite Mint Exploit
- Vulnerability Overview: The Secret Network's smart contract had an 'infinite mint' vulnerability that allowed attackers to mint Axelar-backed assets without proper backing, resulting in a loss of $4.67 million.
- Attack Details: The exploit stemmed from the contract's failure to verify the source of inbound transfers, enabling the attacker to mint genuine saTokens through forged deposits, which were later redeemed through Axelar's standard routes to drain real assets.
- Funds Movement: The attack occurred on June 10 and was detected on June 17; the attacker subsequently transferred the stolen assets to Ethereum, distributing them across approximately 30 wallets and depositing them into various exchanges, complicating recovery efforts.
- Security Warning: Secret Network issued a security warning advising users holding affected saTokens that their funds may be lost, while Axelar clarified that its network was not compromised, emphasizing that the issue was contained to the contract logic on Secret Network's side.
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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 | 0.013 | 0.0271 | 0.0393 | 0.0534 | 0.0656 | 0.0797 | 0.0919 |
| Fibonacci | 0.0271 | 0.0371 | 0.0433 | 0.0534 | 0.0634 | 0.0696 | 0.0797 |
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