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Saga Pauses SagaEVM After $7 Million Exploit That Bridged Funds to Ethereum

Investigators are isolating affected chainlets and coordinating with exchanges to block the recipient address.

Saga evm chain paused following $7m smart contract exploit
Saga’s SagaEVM hack

Overview

  • The chainlet was halted at block height 6,593,800 after a coordinated sequence of contract deployments and cross-chain transactions.
  • Nearly $7 million in USDC, yUSD, ETH and tBTC was bridged to Ethereum and converted to ETH, with the recipient wallet now identified.
  • Saga says the impact is confined to SagaEVM’s Colt and Mustang environments, and the SSC mainnet and validators are unaffected.
  • On-chain data show Saga Dollar fell to about $0.75 and total value locked declined from roughly $37 million to $16 million within a day.
  • The root cause is still under investigation; researchers have floated a bridge/precompile validation bypass that could allow uncollateralized minting, and Saga plans a post-mortem after remediation.