senUSD stablecoin’s protocol loses $6 million in an exploit
The project’s team encouraged users to revoke permission to interact with the smart contract
29.02.2024 - 12:20
173
2 min
0
What’s new? The Seneca protocol for issuing stablecoins has lost 1900 ETH worth $6 million in an exploit. The vulnerability resulted from a bug in the protocol’s smart contract approval mechanism. According to experts at blockchain audit company Blocksec, the cause was an “arbitrary call issue.” The project’s contracts lacked code that allowed the team to suspend them, so the developers urged Seneca users to revoke the approvals themselves.
What else is known? The vulnerability allowed an attacker to make unauthorized transfers of tokens from the project contract to external addresses under their control. Blocksec CTO Lei Wu clarified that the permissions to interact with the vulnerable contract allowed the hacker to withdraw user funds.
Later, the project’s team urged the hacker to return 80% of the funds to the Ethereum address, leaving himself a 20% reward. The company added that it is working with external cybersecurity companies and law enforcement agencies to track the funds and identify the recipients’ wallets. “We kindly request that you return the funds as soon as possible to avoid any further legal action,” Seneca concluded.
Seneca is a decentralized financial protocol that allows users to issue and borrow the senUSD stablecoin against other crypto assets.
senUSD collapsed by 11,27% to $0,846 after the incident. In turn, the rate of the native token SEN collapsed by 46% to $0,04414.
Useful material?
Telegram 
Twitter Technologies
Network fees will be integrated into the cost of swaps
Nov 22, 2024
Market
The company’s unrealized profits from investing in its first cryptocurrency approached $14 billion
Nov 19, 2024
Incidents
The search, the reason for which was not announced, took place a week after the election, the results of which Polymarket users predicted quite accurately
Nov 14, 2024
Market
Analysts point to the growing popularity of the first cryptocurrency as a safe haven asset
Nov 13, 2024
Market
The product will begin trading on the Swiss Exchange on November 19
Nov 12, 2024
Market
The company’s unrealized profits from investing in the first cryptocurrency approached $13 billion
Nov 12, 2024
Cryptocurrency rates
-
Bitcoin
$98 178
BTC
-0.1%
-
Ethereum
$3 387.58
ETH
-0.8%
-
BNB Smart Chain
$579.4
BSC
+1.23%
-
Ripple
$1.46
XRP
+0.95%
-
Dogecoin
$0.42544
DOGE
-1.93%
-
Cardano
$1.05
ADA
-0.73%
-
Stellar XLM
$0.524994
XLM
-6.31%
-
Polkadot
$9.03
DOT
+0.02%
-
Bitcoin Cash
$512.4
BCH
+0.12%
-
Litecoin
$96.87
LTC
-3.53%