Stablecoin

Ethereum

Bounty

Arbitrum

Seneca

<ul>
 <li>Seneca had offered a 20% bounty to the person or people responsible for this exploit.</li>
 <li>The hacker sent back around 1,537 ETH, which is equivalent to approximately $5.3 million.</li>
</ul>
An approval process issue in the Stablecoin protocol <a href="https://senecaprotocol.com/" target="_blank" rel="noopener noreferrer nofollow">Seneca’s</a> smart contract allowed an exploiter to access around $6.4 million in digital assets. Seneca has offered a 20% bounty to the person or people responsible for this exploit.
The stablecoin protocol vulnerability was reported by many blockchain security organizations on February 28. Businesses such as CertiK alerted users about the vulnerability and encouraged them to remove permissions from an <a href="https://thenewscrypto.com/bitgert-coin-vs-ethereum-which-offers-higher-returns/" target="_blank" rel="noopener noreferrer nofollow">Ethereum</a> and Arbitrum address. Despite initial estimates of $3 million in losses, it was eventually discovered that more than 1,900 Ether, equivalent to around $6.4 million, had been stolen via the exploit.
The attack occurred because of a major “call” weakness in the protocol’s smart contract, according to security specialists at <a href="https://www.certik.com/" target="_blank" rel="noopener noreferrer nofollow">CertiK</a>. According to CertiK’s fast response team chief Joe Green, an attacker might use this flaw to make external calls to any address.
<h3 class="wp-block-heading" id="h-bounty-offer-accepted">Bounty Offer Accepted</h3>
According to Green, this problem included an attacker who could make random external calls and steal assets from addresses that had authorized the susceptible contracts.
According to Seneca, it is collaborating with experts to determine what transpired. There was a $1.2 million reward for information leading to the safe recovery of the stolen money. By sending an on-chain message on February 29th, Seneca requested that the hacker provide an Ethereum address with 80% of the stolen funds, while keeping 20% for themselves.
Within hours after Seneca’s communication, the hacker sent back around 1,537 ETH, which is equivalent to approximately $5.3 million, to the wallet address that Seneca had provided. The exploiter took Seneca up on their 20% reward offer and retained 300 <a href="http://ethereum.org" target="_blank" rel="noopener noreferrer nofollow">ETH</a>, which is almost $1 million. After that, the hacker sent the ETH to two separate wallets.
Highlighted Crypto News Today:
<a href="https://thenewscrypto.com/solana-sol-explodes-over-17-to-reclaim-crucial-levels-150-next/" target="_blank" rel="noopener noreferrer nofollow">Solana (SOL) Explodes Over 17% To Reclaim Crucial Levels, $150 Next?</a>

Hacker Returns 80% of $6.4M Loot in Stablecoin Protocol Seneca Breach

Table of Contents

TheNewsCrypto

Other articles published on Mar 1, 2024

Uniswap’s Revenue Capabilities Impress in Cryptocurrency Market

FET Coin Ascends as Partnerships with Tech Giants Bolster Market Position

Microsoft hits hard: Its AI tool aims to reinvent finance!

BIS issues recommendations for global stablecoin regulation

PAID Network (PAID) Price Prediction 2025, 2026, 2027, 2028, 2029 and 2030

Racing Against Time: 24 Crypto Exchanges Flock to Hong Kong for Regulatory Approval

Join our free newsletter for daily crypto updates!