Multi-million dollar exploit halts SagaEVM blockchain

Cybernews reports that operations of the SagaEVM blockchain have been paused following a heist that drained nearly $7 million in cryptocurrency assets.

Efforts to recover the pilfered funds, which included Ethereum and stablecoins are already underway following the discovery of the attacker's wallet, according to Saga, which noted that the incident involved contract deployments, cross-chain activity, and liquidity withdrawals. The investigation has not found any validator compromise, failures in network consensus, or leaked signer keys, adding that the broader network remains structurally sound. More protections to deter similar attack patterns have already been implemented.

Such a development comes after decentralized finance protocol Makina reported having lost almost $4 million in a nearly 11-minute attack by various threat actors earlier this week. Makina said a fix is being developed, audited, and deployed via a protocol upgrade as part of its recovery plan.