[Secret Network Proposes Migration from Cosmos to Arbitrum, SCRT Drops 24%]
According to Cointelegraph, the privacy blockchain Secret Network has proposed migrating from Cosmos to Arbitrum, with the team stating that AI technology has reduced attack costs, making security risks a primary concern. The proposal requires governance voting, with plans to take a snapshot of SCRT balances on September 1 and issue a new ERC-20 contract on Arbitrum. Previously, the Axelar-Secret IBC bridge vulnerability resulted in a $4.7 million loss, and the total value locked (TVL) in the Cosmos ecosystem has dropped 88% from its 2021 peak to $2 billion. Secret Network's current TVL stands at $1.3 million. Following the announcement, the SCRT token fell 24% in 24 hours to $0.041.
