The Seneca lending protocol was exploited through its ‘performOperations’ function, and over $6M of collateral was drained from it.
Decentralized finance (DeFi) lending platform and stablecoin issuer Seneca Protocol has been exploited, according to a Feb. 28 statement on the protcol’s official X account. In a report seen by Cointelegraph, blockchain analytics firm CertiK estimated the losses at $6.4 million so far. The Seneca team urged users to revoke approvals for the affected contracts. Its staff are “currently working with security specialists to investigate the bug,” they stated.
In its post acknowledging the attack, the development team stated that they are conducting an investigation and will post an update “shortly.”
Hacks and exploits continue to threaten Web3 users in 2024. On Feb, 23, Axie Infinity co-founder Jeff “Jihoz” Zirlin lost $9.7 million from a hack of his personal wallets. On the same day, DeFi protocol Blueberry was exploited for 457 ETH.
