Layer-1 blockchain protocol Saga has paused its SagaEVM chainlet after it suffered a $7 million exploit that saw unauthorized funds bridged out and converted into Ether.
The Saga team announced in an X post on Wednesday that it had paused the Ethereum-compatible chain at block height 6,593,800 in response to the exploit.
In a follow-up Medium post, the team said as part of the ongoing investigation, they have found the security incident appears to have “involved a coordinated sequence of contract deployments, cross-chain activity, and subsequent liquidity withdrawals.”
“There has been no consensus failure, validator compromise, or signer key leakage. The broader Saga network remains structurally sound,” they said, adding that it has launched additional safeguards to prevent…
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Source cointelegraph.com
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