
Saga suspends its SagaEVM chain after a smart contract exploit led to a $7 million loss, with efforts underway to investigate and address the situation.
Saga paused operations on its SagaEVM chain on January 22 due to a $7 million exploit that caused Saga Dollar to depeg to $0.75. The total value locked (TVL) dropped 55% from $37M to $16M. Saga is collaborating with exchanges and cross-chain bridges to blacklist the attacker's address and conducting a full security audit.