Feb 29, 6:10 am
The Block
Stablecoin Protocol Seneca Loses $6 Million in Exploit
Seneca, a stablecoin protocol, experienced an exploit that resulted in a loss of over $6 million on Ethereum and Arbitrum networks. The exploit was caused by an issue in the protocol’s smart contract approval mechanisms, allowing attackers to divert funds. The stolen assets amounted to more than 1,900 ETH ($6 million).