Hacker Steals $6M from Stablecoin Protocol Seneca
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Stablecoin protocol Seneca has fallen victim to an exploit that resulted in a loss of over $6 million on both the Ethereum and Arbitrum networks.
The exploit was traced back to a flaw in the smart contract approval process, which allowed attackers to redirect funds.
Security analysts from Blocksec determined that the vulnerability was caused by an “arbitrary call issue” in Seneca’s smart contracts.
Unlike other projects’ contracts that have the ability to be paused by the team, Seneca’s contracts required users to manually revoke permissions.
As a result, the attacker was able to transfer over 1,900 ETH (equivalent to $6 million) from the project’s contract to their own external address.
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