- SagaEVM exploit drains $7 million, network paused for investigation.
- Attacker exploited vulnerabilities, swiftly moved funds, converted to ETH.
- Saga works with partners to blacklist exploiter’s wallet address.
A major security breach has rocked Layer 1 protocol Saga, as its SagaEVM chain was exploited, resulting in the theft of almost $7 million. In response, the project has temporarily paused the network to investigate the incident and implement necessary security measures to prevent further losses.
According to Saga, the stolen funds were quickly moved out of the SagaEVM network, converted into ETH, and bridged away. Following the discovery of suspicious activity, the team decided to pause the network temporarily at block height 6593800 on January 21.
Details of the Exploit and Investigation
The investigation revealed that the exploit involved a coordinated sequence of contract deployments, liquidity movements, and cross-chain interactions that enabled the attacker to withdraw funds rapidly.
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The Saga team emphasized that no issues were found with the broader infrastructure. The core consensus layer and SSC mainnet remained unaffected, and there was no evidence of validator compromise, consensus failure, or leaked signer keys.
Saga has identified the wallet “0x2044…c6ecb” as belonging to the attacker, and the team is working closely with exchange platforms and bridge operators to blacklist this address and prevent any further damage. While the incident remains under investigation, Saga has assured the community that it is taking steps to improve the security of the network.
Ongoing Remediation and Future Plans
The Saga team is focused on finalizing their investigation and addressing the vulnerabilities that allowed the exploit. They are collaborating with their partners to ensure the security of the network moving forward. Once the investigation is complete, Saga plans to release a detailed post-mortem outlining the full scope of the attack and the steps taken to prevent future incidents.
This breach serves as a reminder of the increasing sophistication of attacks within the blockchain and crypto space. As crypto theft continues to rise, with estimated losses of over $3.41 billion in 2025, platforms like Saga must remain vigilant and enhance their security measures to safeguard against future threats.
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