Secret Network plans to move to Arbitrum due to AI risks.

Deep Tide TechFlow news, July 8, according to Cointelegraph, privacy blockchain Secret Network proposes to migrate from Cosmos to Ethereum Layer2 Arbitrum. The team stated that AI technology makes old code easier to analyze, attack costs have significantly decreased, and security risks have become the primary consideration.

The proposal requires a governance vote, with a snapshot of SCRT balances planned for September 1 and a new ERC-20 contract to be issued on Arbitrum. The Axelar-Secret IBC bridge vulnerability in June led to a loss of $4.7 million, while the total value locked in the Cosmos ecosystem has dropped 88% from its 2021 peak to $2 billion. Secret Network's current TVL is only $1.3 million. After the announcement, the SCRT token fell 24% in 24 hours to $0.041.

ARB-0.87%
ATOM-1.26%
ETH-0.86%
SCRT-26.22%
WAXL-4.43%
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