A bridge just got drained for $4.67 MILLION $BTC because someone figured out how to create tokens that were never backed by anything.

It happened on the connection between Axelar and Secret Network, two Cosmos chains.

Bridges like this work on a promise to lock real tokens on one side and a matching token appears on the other, fully backed one to one.

The flaw broke that promise. A bug in the contract that's supposed to verify the backing let the attacker mint tokens on Secret that had nothing behind them.

They conjured the tokens out of thin air, then cashed them out for $4.67 million in real value before anyone caught it.

Axelar's emergency team shut the connection down fast and says the damage is contained to this one bridge. They're now working with exchanges to trace the money.

Here's the part that should worry people. This is the same trick that's hit bridge after bridge this year.

Mint tokens that aren't backed, dump them for real money, disappear.

Resolv lost $25 MILLION to it. Verus lost $11 MILLION. IoTeX lost $4 MILLION. Now Secret.

Bridges have slowly become the most expensive thing to get wrong in crypto, with over $340 MILLION drained from them this year alone.

It's almost always the same weak spot, the one check that's supposed to confirm the money on the other side is actually there. #BTC Price Analysis# #Macro Insights#