Secret Network may leave Cosmos for Arbitrum after bridge exploit
The post Secret Network may leave Cosmos for Arbitrum after bridge exploit appeared on BitcoinEthereumNews.com. Secret Network is seeking to move SCRT from Cosmos to Arbitrum, citing security risks, weaker liquidity, and older code. Summary Secret says AI makes older bridge code easier to scan, attack, and exploit over time. The proposed Arbitrum move follows a $4.7 million Axelar-Secret bridge exploit tied to legacy integration. SCRT holders face a Sept. 1 snapshot, with non-native or contract-held balances excluded from claims. In a July 7 governance post, the privacy-focused blockchain said the plan would create a new ERC-20 SCRT token on Arbitrum through a one-time snapshot on Sept. 1. The team said native and staked SCRT balances would count, while sSCRT, bridged SCRT, contract-held tokens, and IBC assets would not qualify. The proposal has not passed yet. The team said the move needs a community vote, and the migration will not proceed if holders reject it. AI exploit risk drives