SagaEVM, the EVM-compatible blockchain environment of the L1 blockchain Saga, has recently gone through a significant exploit. In this respect, SagaEVM has incurred a huge loss of up to $6.8M up till now. As per the data from BlockSec Phalcon, a well-known blockchain security entity, the exploit has triggered a sudden chain halt after a notable drainage of Saga Dollar (D token). The incident has also raised concerns over the security and sustainability of the project.
SagaEVM Exploiter Bridges $6.8M to Ethereum After Chain Halt, Saga Dollar Depegs
After the news spread about the incident, the stablecoin of Saga, Saga Dollar has depegged. it is currently trading at $0.75. The on-chain data reveals that the SagaEVM exploiter drained a substantial $6.8M. Following that, the attacker rapidly bridged that stolen capital to Ethereum. The incident resulted in an immediate halt to the blockchain. Nonetheless, after shifting the funds to Ethereum, the attacker converted a major amount into $ETH.
Moving on, the exploiter deployed the rest of the funds across diverse decentralized finance (DeFi) protocols. The cumulative value impacted by the respective incident has reportedly surpassed the $6.8M. This places the exploit among the critical security events dealing with Saga up till now.
Particularly, the exploiter swapped over 2,000 $ETH, equaling a value of up to $6M, following moving those assets to Ethereum. For this purpose, the attacker utilized “0x204…C6ECB” as the primary address. This address reportedly holds an approximate amount of nearly 2,088.7 $ETH, accounting for $6.03M in terms of value. The same address initially received funding from “0x043…89515,” signifying a clear transfer trail that is currently under the observation of the investigators.
Exploit Underscores Security Challenges Amid Wider Cross-Chain Growth
According to BlocSec Phalcon, the SagaEVM exploit displays the current security challenges that the on-chain ecosystems are facing, specifically when it comes to token minting logic as well as bridge integrations. While confirming the incident, Saga asserted that it immediately paused the network to prevent any further damage, with its team actively carrying out mitigation efforts. Overall, amid the continuous growth of cross-chain activity, the exploit raises the importance of resilient audits, rapid response systems, and real-time monitoring to shield consumer funds.
This report covers an ongoing security incident involving SagaEVM and is based on preliminary on-chain analysis and statements from blockchain security firms. Details, figures, and impacts—including the status of $D and bridged funds—may change as the investigation progresses. This content is not investment advice.
Umair Younas is a veteran crypto journalist with 6 years of experience. He writes on various categories including Bitcoin ($BTC), blockchain, Web3 and the broader decentralized finance (DeFi) space. He pens well-researched price analysis and prediction articles in addition to credible news articles. He writes easy-to-grasp educational articles to fulfil his aim of creating blockchain awareness.
- Umair Younas
- Umair Younas
- Umair Younas
- Umair Younas
