ibc

The cross-chain protocol Axelar Network released a statement regarding the recent security incident related to Secret Network, stating that there is a misunderstanding within the community about the event. Both Axelar and the Inter-Blockchain Communication Protocol (IBC) were not attacked or compromised. The affected token smart contracts were neither developed, deployed, nor maintained by Axelar, and Axelar's firewall mechanism also prevented the impact from spreading to other chains.It is reported that the exploited contract is a forked version based on CW20-ICS20, but the developers removed two core security checks, resulting in an "infinite minting" vulnerability. By deleting the verification mechanisms originally used to prevent such issues, this fork altered the original trust model of the contract and did not undergo a new security audit.Axelar Network explained that anyone can deploy contracts for cross-chain asset wrapping through IBC, and similar contracts have also been used to wrap tokens from other chains into Secret Network. However, the Secret side fork version in this incident has vulnerabilities due to the removal of key security checks. This incident is not a unique logical flaw, nor is it an issue with the IBC protocol itself, but rather a security risk introduced by modifications to third-party contracts.

The privacy public chain Namada officially announced a vulnerability incident. The team is currently investigating the related issues and has contacted relevant parties for collaborative handling. If the operator behind this attack is a white hat hacker, we hope they will proactively contact the team to further understand the vulnerability situation and promote problem resolution.On-chain data shows that some ATOM assets related to the incident are suspected to have been transferred out to a Cosmos Hub network address via IBC (Inter-Blockchain Communication protocol). Approximately 228,517 ATOM funds related to that address were subsequently cleared within a few hours through IBC transfers and multiple withdrawal operations. Currently, that address has only a small remaining balance.

Axelar Network stated on platform X that an event affecting assets bridged from the Axelar chain to the Secret Network via IBC has been discovered, with approximately $4.67 million worth of tokens stolen.According to the information currently available, the issue is limited to the ICS-20 smart contract on the Secret side, which is part of the Cosmos IBC connection between Secret and Axelar, used to bridge assets from Axelar to Secret. The Axelar Emergency Committee immediately disabled the Secret and Secret-SNIP connections upon discovering the incident. The team is contacting relevant exchanges and law enforcement agencies. The incident is limited to assets bridged from Axelar to Secret via IBC. Other IBC connections or Secret tokens do not appear to be affected. Other Axelar integrations are unaffected. The core protocol of Axelar is not impacted.Additionally, according to Common Prefix's analysis of the Secret Network incident, an attacker exploited an infinite minting vulnerability in a modified CW20-ICS20 token contract on Secret, stealing approximately $4.67 million. The attacker minted arbitrary Secret-wrapped Axelar assets on Secret by launching a new Cosmos chain (with only one validator) and self-relaying IBC packets to it. The contract did not verify which IBC channel the inbound tokens came from. The attacker exited through the Axelar bridge. The Axelar protocol was not compromised and prevented the spread of contagion to other chains.

According to Jin Ten, Anjay Skiba, the head of U.S. fixed income at RBC Global Asset Management, stated that the Federal Reserve may cut interest rates at this meeting, but the momentum of the U.S. economy might mean that "no further rate cuts are necessary."Skiba pointed out that the rate cut could be a hawkish one and may imply a subsequent pause in rate hikes. Market participants will closely monitor dissenting committee members, including those advocating for larger rate cuts.

ChainCatcher news, according to The Block, Akash Network founder Greg Osuri stated that the project will abandon its self-developed Cosmos SDK chain and migrate to a new network that can "secure Akash," aiming to maintain IBC compatibility.The team has not released a timeline and will publicly evaluate chain candidates, emphasizing strong security, high-quality community, deep liquidity, and growth potential, while retaining integrations with Osmosis, Keplr, and others. Osuri mentioned that the staking mechanism will "evolve to be better" and will not be limited to consensus security, with an RFP to be released in a few weeks; Solana is referred to as a "strong candidate." Akash introduced Nvidia GPUs in 2023 Mainnet 6, providing decentralized computing power at a lower cost.

ChainCatcher news, Mario Nawfal, founder and CEO of the Dubai venture capital firm IBC Group, stated on the X platform that as TradFi rushes to put everything from real estate to gold, fashion, pharmaceuticals, and genomics on-chain, the total value of RWA assets is expected to soar to $18.9 trillion by 2033. This is not a trend, but a structural shift.Mario Nawfal also stated: "At our leading incubator and with 230 employees at IBC Group, we are not just watching it happen; we have a full team leading the way in this field. We believe RWA is the future of blockchain."

ChainCatcher news, according to The Block, Interchain Labs has launched a new bridging product called IBC Eureka, designed to connect Ethereum and Cosmos blockchain systems.IBC Eureka is built on the second version of the Inter-Blockchain Communication (IBC) protocol, leveraging Cosmos Hub's ATOM to support IBC routing, thereby enabling fast and low-cost connections between Ethereum and Cosmos. Ethereum is now the first non-Cosmos network to join the IBC ecosystem. Eureka developers plan to add networks such as Solana, Base, and Arbitrum in the future.The system aims to reduce the transfer costs from Ethereum to Cosmos (including GAS fees and relay fees) to less than $1. The first projects to access IBC Eureka include the decentralized exchange dYdX, the Layer 1 blockchain MANTRA focused on real-world assets, the Bitcoin liquid staking protocol Lombard, and the Bitcoin staking protocol Babylon.

ChainCatcher news, according to The Block, Cosmos developers have been working to extend the Inter-Blockchain Communication protocol (IBC) to Ethereum, which is the core protocol of the Cosmos ecosystem.Maghnus Mareneck, co-CEO of Interchain Labs, a core contributor to Cosmos, stated that the company has tested IBC transactions from Cosmos Hub (ATOM) to Ethereum, seemingly aimed at enhancing the native interoperability of tokens between the two networks.This initiative is part of the upcoming Eureka upgrade, driven by a team including Interchain Labs, and is planned to be released this year as part of IBC-go v10.

ChainCatcher news, focusing on meme coins and decentralized innovation, the blockchain platform MemeCore has completed a token round financing, with participation from Waterdrip Capital, CatcherVC, and IBC Group. This financing marks an important step for MemeCore in building its ecosystem and integrating blockchain technology with meme culture.In addition to investment, MemeCore will also engage in further collaboration with Waterdrip Capital, CatcherVC, and IBC Group to explore potential strategic partnerships. These collaborations may include ecosystem expansion plans, joint development of blockchain infrastructure, and establishing partnerships with the rich portfolio projects of the three institutions. With the professional resources and industry influence of these investment firms, MemeCore aims to enhance the utility of its ecosystem, strengthen market positioning, and drive widespread adoption in the Web3 space.MemeCore CEO Jun stated, "MemeCore is committed to creating a decentralized 'playground' that empowers the meme community and blockchain projects. The support from Waterdrip Capital, CatcherVC, and IBC Group not only recognizes our vision but also provides us with strategic guidance and industry resources to accelerate our growth. We look forward to closely collaborating with our new partners to drive meaningful innovation and create long-term value for our ecosystem."

ChainCatcher news, based on the Solana ecosystem, the meme coin prediction market Meme Market announced the completion of its angel round financing. IBC Group, CRYPTO TIMES, and angel investors from Presto Labs Ventures, Republic Crypto Ventures, MEXC Ventures, BitGet, and LFG participated, with the specific amount not disclosed. The new funds are intended to be used to build decentralized meme coin prediction tools and a "super app."

ChainCatcher news, Mario Nawfal, founder and CEO of the Dubai venture capital firm IBC Group, stated in a post on X that he has purchased $50,000 worth of the meme coin MARIO CTO to support its namesake. When the token reaches a market value of $500 million, he will airdrop it all to the 100 most active community members on X.Previously, Mario Nawfal announced that he had burned the MARIO tokens airdropped to his wallet, which were valued at $4-7 million at the time of burning, and are now worth $15 million.

ChainCatcher message, Cosmos Hub announced on platform X that it is ready for the Cosmos Hub v21 upgrade, which will be launched at block 22953640 (expected at 23:00 Beijing time on November 6).This upgrade will allow consumer chains to send ICS rewards of any denomination through any IBC channel and combine rewards of up to three denominations without any permission required.

ChainCatcher news, Cosmos Hub announced the launch of the application chain launch platform Forge, which allows developers to shorten the deployment time of blockchains to a few days and seamlessly integrate with Cosmos through IBC.

ChainCatcher News, Bitcoin full-chain lending protocol Blend recently announced the completion of its seed round financing. This round was led by well-known investor Mario Nawfal and the IBC Group, with participation from the Hackquest Community Fund. The specific amount and valuation have not been disclosed. At the same time, Blend has also been selected for the Open Campus accelerator supported by Animoca Brands and Hackquest, as well as the BTC Studio initiated by Wanwu Island and Waterdrop Capital.It is reported that Blend is a full-chain lending protocol aimed at Bitcoin assets, dedicated to providing efficient liquidity solutions for users by introducing Bitcoin as collateral. Blend plans to first deploy its protocol on public chains such as Arbitrum and Base, and will connect to decentralized Bitcoin asset solutions like dlcBTC, further unlocking the earning potential of Bitcoin and promoting its deep application in the DeFi field.Mario Nawfal is a well-known entrepreneur and investor in the United States. His Twitter Spaces have invited global political and business leaders and renowned investors, including Elon Musk and former Brazilian President Jair Bolsonaro. It is reported that Blend plans to co-host a Twitter Space event with Mario Nawfal to promote its lending protocol to the senior Bitcoin user community in the United States, further expanding Blend's influence in the cryptocurrency community.

ChainCatcher news, according to Beosin Alert monitoring, the Terra chain has been suspended due to an emergency upgrade. It seems that someone has exploited an IBC vulnerability to mint multiple tokens on the Terra chain, including ASTRO.The Beosin security team analyzed and found that after the attacker instantiated the contract on Terra, they exploited a reentrancy vulnerability in the timeout callback of ibc-hooks, transferring approximately 60 million ASTRO, 3.5 million USDC, 500,000 USDT, and 2.7 BTC, totaling about 5.28 million USD in value.This vulnerability was disclosed in April this year and belongs to a vulnerability in the cosmos base library, but Terra has not fixed it.

ChainCatcher news, StarkWare will collaborate with Cosmos contributor Informal Systems to integrate the Cosmos-based IBC protocol on Starknet. This integration will enable Starknet to connect to any IBC-compatible chain, including all chains within the Cosmos ecosystem and other compatible chains outside the system. This integration aims to achieve two main goals for Starknet: to enhance decentralization and interoperability by exploring the Tendermint consensus algorithm and the IBC protocol.

ChainCatcher news, a Web3 game launcher and gaming infrastructure GGEM designed for blockchain games and cryptocurrency technology, announced the completion of new financing, with participation from IBC Group and GensoKishi, but the specific amount and valuation data have not been disclosed.It is reported that the new funds will support GGEM in bringing more games to its game launcher, while expanding its community and game partners, as well as building and integrating a cryptocurrency wallet.

ChainCatcher news, according to official sources, the Cardano Foundation has announced the integration of the Inter-Blockchain Communication protocol (IBC) to enable reliable transactions and data exchange across different blockchain networks, enhancing connectivity and joining the cross-chain ecosystem.By introducing IBC functionality to Cardano, projects seeking to establish a bridge between the Cardano network and Cosmos SDK-based sidechains may utilize this solution.In addition to joining the cross-chain ecosystem, the implementation of IBC for Cardano also adds another option for connecting Ethereum Virtual Machine (EVM)-based sidechains to Cardano. This will allow developers to seamlessly deploy EVM-based decentralized applications (DApps) on Cardano sidechains.

ChainCatcher news, the founding team of the decentralized AI data chain Masa Network will hold a dialogue today at 15:30 with Mario Nawfal, founder and CEO of the Dubai venture capital company IBC Group. Co-founders of Masa, Brendan Playford and Calanthia Mei, will discuss topics such as the upcoming launch of the Masa mainnet and the MASA token, as well as the development prospects of the AI data chain under the AI+Crypto narrative with Mario Nawfal. At the same time, MASA plans to launch trading on exchanges such as Bybit, HTX, KuCoin, Gate, CoinList, Pancakeswap, and Uniswap at 16:00 today.According to data from the RootData platform, Masa Network is the first AI project on CoinList in 2024, aiming to create the world's largest decentralized AI data chain, allowing users to train AI by contributing personal data and earn token rewards. Additionally, using Masa's decentralized data network and LLMs, developers can create differentiated and hyper-personalized AI applications supported by real-time data. Masa has currently completed a total of $17.65 million in funding.