Saga pauses chainlet after $7M exploit that depegged its stablecoin

The Saga ecosystem has temporarily halted operations on one of its core chainlets following a major security breach resulting in a loss estimated at $7 million. The exploit, which targeted critical decentralized finance (DeFi) infrastructure on the segment, caused the associated network stablecoin to sharply depeg from its $1 parity, triggering an immediate crisis.

Confirmation of the attack led the Saga core development team to initiate an emergency network pause. This action was deemed necessary to prevent further malicious transactions, isolate the compromised smart contracts, and stop the bleed of liquidity. The $7 million theft marks one of the most significant exploits targeting the growing ecosystem in recent months.

The development team has assured the community that forensic investigations are currently underway to determine the exact nature of the smart contract vulnerability and to trace the flow of the stolen funds. While the chainlet remains paused, the team is working on recovery strategies and auditing the codebase prior to providing a timeline for reinstatement. Users are strongly advised to refrain from trading the affected stablecoin until official communication confirms the integrity of the peg has been restored.

Source: Saga pauses chainlet after $7M exploit that depegged its stablecoin