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mint

Minting in the cryptocurrency field refers to the process of creating new tokens or digital assets, usually on a blockchain. Minting is the process of generating new tokens on the blockchain through smart contracts, similar to the minting of traditional currency. It can be used to issue new cryptocurrencies, create NFTs (non-fungible tokens), or increase the supply of existing tokens. Minting typically involves specific algorithms and rules to ensure the scarcity and value of the tokens. This process is automated on many blockchain platforms, ensuring transparency and security.
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Axelar responds to security incident: Axelar and IBC are unaffected, the vulnerability originates from a third-party token contract's "infinite minting" issue

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.
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