Layer 1 protocol Saga has paused its network after it suffered a crypto hack on its SagaEVM chain. This led to a loss of millions of dollars as the team began an investigation and recovery process.
Saga Suspends EVM Network Amid Crypto Hack
In a blog post, the team shared that they are halting their EVM chain network as they continue investigations into the exploit they recently suffered. They also confirmed the unauthorized withdrawal of about $7 million in USDC which was bridged and converted into ETH.
According to the report shared, the crypto hack was a coordinated sequence of liquidity movements and cross-chain activity. This allowed the attacker to take out funds seamlessly. The team shared that they are working with exchanges to make sure the funds are not moved so they can recover them.
“We are working with exchanges and bridges to blacklist this wallet and reclaim the tokens extracted,” they said.
This is the latest exploit after the Binance market maker hack just as the year kicked off. Here, a trader made a $1 million profit by exploiting the vulnerabilities in account security and then manipulating the BROCOLLI token price.
The team shared that the crypto hack did not affect its major infrastructure. This includes its SSC mainnet, protocol consensus, and validators. They highlighted that no compromise was found in these systems.
Hack-Related Losses Hit $3.4 Billion in 2025
Chainalysis reported that at least $3.41 billion was lost in the year 2025. This was a slight increase from the $3.38 billion worth of exploits 2024 saw. They also highlighted that attacks on personal wallets of investors jumped significantly in 2025.
The numbers increased from 7.3% in stolen value to 44%. Individual crypto wallet drains reached about 158,ooo cases with about 80,000 unique victims.
A unique example of this kind of case was the Trust Wallet crypto hack that occurred late last month. Investor accounts were drained unexpectedly over a period of time. This happened just after the wallet team made some updates on the app. Bitcoin. Ethereum and BNB were the main funds stolen at the time.
Meanwhile, authorities have continued to crack down on organizations or individuals involved in these crimes. Just recently, Indian police arrested a person of interest involved in the $400 million Coinbase hack. The exchange’s CEO praised their efforts at the time as they look to curb these events further.
Source: https://coingape.com/crypto-hack-layer-1-protocol-saga-halts-evm-chain-after-7m-exploit/
