Saga pauses chainlet after $7M exploit that depegged its stablecoin
Saga’s US dollar-pegged stablecoin has dropped to $0.75, while the protocol’s total value locked has fallen by around 55% over the past 24 hours.
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.”