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Axelar Network Responds to Security Incident: Vulnerability Due to Third-Party Token Contract "Infinite Minting" Issue

2026-06-20 17:38:41

Abstract generation in progress

Golden Finance reports that cross-chain protocol Axelar Network issued a statement regarding recent related security incidents, stating that the community has misconceptions about the event, and neither Axelar Network nor the IBC protocol has been attacked or compromised. The affected token smart contracts were not developed, deployed, or maintained by Axelar Network. The exploited contract is a fork version based on CW20-ICS20, but the developer removed two core security checks, leading to an "infinite minting" vulnerability. Due to the removal of the original validation mechanisms designed to prevent such issues, this fork altered the contract's original trust model and was not subjected to new security audits.
Axelar Network further explained that anyone can deploy contracts for cross-chain asset wrapping via IBC, and similar contracts have also been used to wrap tokens from other chains onto the Secret Network. This incident is not due to a logical flaw in the protocol itself nor a problem with the IBC protocol, but rather a security risk introduced after third-party contract modifications.

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