Saga is the latest cryptocurrency project to suffer a cyber breach after losing $7 million to a bridge exploit. In reaction to the attack, the platform suspended activities on its SagaEVM chain to mitigate risks.
The project confirmed the development on Thursday through an official blog post, providing insights into the circumstances surrounding the breach. As revealed, the breach compelled Saga to halt the SagaEVM at block height 6,593,800.
About $7 million worth of assets, including USDC, yUSD, ETH, and tBTC, were moved out of the platform and later converted for seamless flow. The project team narrated that it is working with other bridge operators and exchanges to flag the address and restrict the movement of the stolen assets.
Similarly, the project team stated that the attack didn’t surface due to consensus failure, validator compromise, or signer key leakage. Saga asserted that the impact of the attack didn’t extend beyond its SagaEVM chain alongside the Colt and Mustang environments.
In its recent update, the team revealed that the attackers executed a coordinated sequence of contract deployments and cross-chain transactions before withdrawing liquidity and moving funds to the Ethereum mainnet. According to Saga, the project’s SSC mainnet, protocol consensus, validators, and other chainlets are intact and didn’t suffer from the breach.
Saga opens investigation into $7 million hack accident
More so, Saga added that its engineering and security teams are currently working on the issue to ensure that the situation is under control. Similarly, the project confirmed that an investigation is ongoing as well to understand the factors that propel the attack to manifest.
Following the pause, Saga has restricted cross-chain-related activity while adding an improved security mechanism to block similar attacks. The network will remain inactive till the project team completes remediation and is confident that all risks have been eliminated.
Meanwhile, Saga is currently engaging security partners for a forensic analysis. After completing its investigation, the team intends to publish a comprehensive technical post-mortem.
In a recent report by Chainanlysis, the company discussed how the cryptocurrency crime landscape is gradually becoming professionalized. In 2025 alone, North Korea backed a hacking syndicate, the Lazarus Group, stole $2 billion from crypto firms.
As revealed, hackers stole more than $3.4 billion from cryptocurrency projects during the year, with the Bybit attack claiming $1.5 billion alone. The latest attack on Saga indicates that the bad actors are aiming to continue from where they stopped last year.
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