Secret Network is the first and currently the only privacy-preserving decentralized smart contract platform in the ecosystem. However, the platform has launched its latest update, secret 3, in a surprising way. Discover here how this happened.
Therefore, the hacker reportedly drained funds that were locked in $SEFI staking smart contracts. However, the team commenced investigation immediately after it was discovered. Here is the official tweet about it.
PLEASE BE ADVISED: the Secret Network mainnet has updated from secret-2 to secret-3. This was not a planned upgrade; however, it was necessary in order to prevent a major loss of funds due to a critical security issue with a single contract deployed on the network.
More below 👇
— 𝕊ecret Network – Supernova coming Oct 2021 💥 (@SecretNetwork) September 14, 2021
However, the company took these steps to minimize the risk of losing funds:
- Disabling bridges to prevent funds from leaving the network.
- The secret swap user interface was disabled.
- CEXes disabled withdrawals and deposits.
- Validators and developers began to discuss mitigation options.
After hours of hard work, the Secret Network could export the chain, identify and test the vulnerability and fix the specified contracts. This was done in the best interest of the users and to prevent fund loss. Finally, Secret Network recently made the following announcements to communicate their improvements.
- Secret 2 had been halted.
- Secret 3 is online, and validators are reconnecting.
- Bridges remain down.
- Exchange deposits remain down.
Also, they made the following recommendations for users:
- Wait for new communication before interacting with the network and applications.
- Follow their Twitter handle and Discord for real-time updates.
- No actions should be taken by $SCRT holders and stakers for now.
A Recent Development
The Secret Network intends to launch its first major mainnet upgrade since Secret Contracts was launched in September 2020, Supernova. This achievement will bring new interoperability and cement Secret Network as the privacy platform for Web3.
Today we announce our next major upgrade: Supernova 💥
It brings #IBC, new modules, new products, new partners, and more!
— 𝕊ecret Network – Supernova coming Oct 2021 💥 (@SecretNetwork) August 12, 2021
Earlier in May of 2021, several prominent venture capital firms acquired a stake in $SCRT, the native token of Secret Network. The position, amounting to $11.5 million, was led by Arrington Capital and Blocktower Capital, including Spartan Group and Skynet Trading. Therefore, the acquired position was to support the growth of Secret Network applications, particularly regarding the burgeoning decentralized finance (DeFi) and non-fungible token (NFT) ecosystems.
Secret Coin Price
As of writing this article, the $SCTR price was $2.30 with a 24-hour trading volume of USD 3,715,750. $SCRT price also rose by 6.5% over the last 24 hours. Besides, it has a circulating supply of 147.4 Million $SCRT tokens.
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