Axelar Network has reported a security breach resulting in the theft of approximately $4.67 million in tokens. The incident involved assets bridged from Axelar to Secret Network through the Inter-Blockchain Communication (IBC) protocol. The breach was traced to the ICS-20 smart contract on the Secret side, which is part of the Cosmos IBC connection between Secret and Axelar. In response, Axelar's emergency committee swiftly disabled the Secret and Secret-SNIP connections to contain the issue. The team is actively engaging with exchanges and law enforcement to address the situation. The core Axelar protocol remains unaffected, and other IBC connections or Secret tokens are not impacted. The attack exploited an infinite minting vulnerability in a modified CW20-ICS20 token contract on Secret, allowing the attacker to mint and steal Secret-wrapped Axelar assets. The attacker used a self-created Cosmos chain to facilitate the theft, exiting via the Axelar bridge.