SagaEVM Chain Suffers Security Exploit, Nearly $7 Million Lost
Written by Ohris M. Greyoon, Blockchain & Crypto Expert
Source: Coinmarketcap
Updated: 6d ago- Security Incident: Layer 1 protocol Saga experienced a security exploit on its SagaEVM chain, resulting in nearly $7 million in losses, prompting the project to pause the network to assess the impact of the vulnerability and enhance system security.
- Attack Details: The attacker minted Saga Dollar (D) tokens without collateral, bridged the assets to Ethereum, converting much of it into over 2,000 ETH valued at over $6 million, with an additional $800,000 deployed into Uniswap V4 liquidity positions.
- Network Suspension: Saga halted the SagaEVM chain immediately upon identifying the incident on January 21, emphasizing that while this decision disrupts users, protecting community funds and the protocol's integrity is the top priority.
- Tracking and Recovery Efforts: Saga has identified the wallet that received the stolen assets and is coordinating with exchanges and bridge operators to blacklist the attacker's address, aiming to limit the movement of stolen funds and support potential recovery measures.
About the author
Ohris M. Greyoon
Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.
