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In the aftermath of the Seneca stablecoin exploit, where a hacker gained access to approximately $6.4 million in ETH, the project has successfully reclaimed over $5 million. This recovery comes after the hacker accepted a 20% bounty offered by the Seneca stablecoin protocol.

 

 

 

The exploit occurred due to a vulnerability in the protocol’s smart contract approval mechanism, leading to the unauthorized access and withdrawal of digital assets. Blockchain security firms, including CertiK, promptly detected and flagged the exploit on Feb. 28. Users were advised to revoke approvals associated with a specific address on both the Ethereum and Arbitrum networks.

 

 

 

Initially estimated at $3 million, the total losses from the exploit were later determined to be over 1,900 Ether, equivalent to approximately $6.4 million.

 

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