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Aave, along with several other organizations, submitted a governance proposal to the Arbitrum DAO, requesting the release of frozen ETH and pledging to invest in DeFi United.

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Ethena's on-chain activity is booming. Its token is stuck near record lows.

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Ethena’s Network Activity Surges to All-Time Highs, Signaling Renewed DeFi Interest

Crypto Hack: Layer-1 Protocol Saga Halts EVM Chain After $7M Exploit

Saga Layer-1 in Crisis as TVL Crashes 55% and Token Plunges 25%, Here’s Why

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Layer 1 protocol Saga suffered a security exploit on its SagaEVM chain, draining nearly $7 million and prompting the project to pause the network. At the same time, it finalizes its investigation and remediation efforts, according to a blog post.

According to on-chain analysis, the attacker minted Saga Dollar (D) tokens without collateral, bridged the assets to Ethereum, and converted much of them into over 2,000 ETH valued at more than $6 million, with an additional $800,000 deployed into Uniswap V4 liquidity positions.

Saga halted the SagaEVM chain once it identified the incident on January 21 and has kept the chain stopped “out of an abundance of caution” while it assesses the full scope of the exploit, addresses the vulnerability, and reinforces overall system security.

SagaEVM remains paused while we finalize the results of our investigation into the Jan 21 exploit.

We’re working with partners on remediation and will publish a post-mortem once findings are fully validated. $7M of USDC was bridged out and converted to ETH.

Extracted funds were…

— Saga ⛋ (@Sagaxyz__) January 22, 2026

“We’re working with partners on remediation and will publish a post-mortem once findings are fully validated,” Saga said. 

The team acknowledged that suspending the chain is disruptive for users but emphasized that protecting the community’s funds and the protocol’s integrity takes priority. Saga said it will release a detailed technical post-mortem once remediation steps are finished and its conclusions are fully verified.

Protocol Working To Blacklist The Attacker According to Saga, it has identified the wallet that received the extracted assets.

Saga is coordinating with exchanges and bridge operators to blacklist the attacker’s address in an effort to limit the movement of the stolen funds and support any potential recovery measures. The team is also conducting a forensic analysis using archive data and execution traces to reconstruct the attack path.

Saga said the incident did not affect its broader infrastructure, including the SSC mainnet or core consensus layer, and found no evidence of validator compromise, consensus failure, or leaked signer keys.

The attack comes at a time when there is a prevalence of crypto exploits, with data from Chainalysis saying that losses have been more than $3.41 billion in 2025.

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Fri 23 Jan 2026 ▪ 4 min read ▪ by James G.

Summarize this article with:

Saga, a Layer-1 blockchain protocol, has paused its Ethereum-compatible SagaEVM chainlet after a $7 million exploit triggered unauthorized fund transfers. The attack involved assets being bridged out of the network and swapped into Ether. Although the affected chainlet remains offline, Saga says the broader network continues to operate normally.

In brief Saga paused its SagaEVM chainlet after a $7M exploit involving cross-chain transfers and rapid liquidity withdrawals. The protocol says validators, consensus mechanisms, and core infrastructure were not compromised in the incident. Saga Dollar briefly depegged to $0.75 as total value locked fell from $37M to about $16M in one day. Engineers identified the attacker wallet and are working with exchanges while a full technical post-mortem is prepared. Chainlet Locked Down as Engineers Move to Contain Exploit The protocol confirmed on X that it halted the chainlet at block height 6,593,800 after detecting suspicious activity. Engineers moved quickly to contain the incident and prevent further losses, while an internal investigation was launched. Saga said the exploit did not compromise core network security, validator operations, or consensus mechanisms.

In a follow-up update published on Medium, Saga reported that early findings suggest a coordinated attack. The activity included multiple smart contract deployments, cross-chain interactions, and rapid liquidity withdrawals. Despite the scope of the exploit, the team said no validators were compromised and no private signer keys were exposed. Additional security safeguards have since been implemented.

The incident also affected two ecosystem stablecoins, Colt and Mustang. All operations on the impacted chainlet will remain paused while engineering and security teams conduct a deeper review and prepare a comprehensive technical report. Saga said it has identified the wallet that received the stolen funds and is coordinating with exchanges and bridge operators to restrict further movement.

Saga Dollar Depegs, TVL Slumps After Cross-Chain Exploit Saga Dollar, the protocol’s primary U.S. dollar–pegged stablecoin, briefly lost its peg, dropping to $0.75 late Wednesday, according to data. Liquidity across the network declined sharply, with DeFiLlama estimating that total value locked fell from over $37 million to roughly $16 million within 24 hours.

As part of its immediate response, Saga implemented several measures:

Restricted cross-chain transfers associated with the exploit. Blocked known attack patterns at the protocol level. Added enhanced monitoring rules across chainlets. Initiated forensic reviews with external security firms. Coordinated with exchanges to blacklist attacker wallets. Saga said the chainlet will remain offline until remediation efforts are complete and all residual risks are addressed. Once the investigation concludes and findings are verified, the team plans to publish a detailed public post-mortem.

The root cause of the exploit has not yet been officially confirmed. Independent security researcher Vladimir S. suggested the attacker may have minted unbacked Saga Dollar tokens by abusing inter-blockchain communication via custom contract messages. 

Separately, an on-chain investigator known as Specter raised the possibility of a private key compromise but emphasized that evidence supporting this theory remains limited.

As cross-chain infrastructure continues to be a frequent attack vector, the incident adds to a growing list of smart contract exploits reported in late 2025 and early 2026. Saga said it will continue to share updates as more information becomes available.

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James G.

James Godstime is a crypto journalist and market analyst with over three years of experience in crypto, Web3, and finance. He simplifies complex and technical ideas to engage readers. Outside of work, he enjoys football and tennis, which he follows passionately.

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.

Rubio: US and Iran to continue technical consultations at the end of this month

Multiple foreign media outlets reported on the 24th that US Secretary of State Rubio said technical teams from the United States and Iran will hold further talks in Switzerland by the end of June. (Xinhua News Agency)

5 hours ago

Over the past 24 hours, total crypto market liquidations hit $606 million, with more than 130,000 traders liquidated.

According to Coinglass data, the global cryptocurrency market recorded $606 million in liquidations over the past 24 hours, including $542 million in long-position liquidations and $68.22 million in short-position liquidations. A total of 135,785 traders worldwide were liquidated in the same period, with the largest single liquidation order occurring on Binance’s BTCUSDT trading pair, valued at $12.0111 million.

5 hours ago

Bitcoin falls below $60,000

According to HTX market data, Bitcoin has fallen below $60,000, with a 4.3% drop in the past 24 hours.

5 hours ago

US Treasury Secretary: AI boom may boost productivity and help curb inflation.

US Treasury Secretary Bessent told CNBC in an interview that he hopes the Federal Reserve will remain "open-minded" about the inflation pattern after the reversal of Iran-related energy price hikes. Bessent noted that the U.S. could enter an economic environment marked by high GDP growth without a corresponding rise in traditional inflation. He cited that in the 1990s, Alan Greenspan foresaw that office modernization and the internet could drive non-inflationary growth, and allowed the economy to keep expanding. Bessent believes the U.S. has a strong chance of seeing a similar scenario again. When asked whether the Fed still needs to worry about potential inflation and whether interest rate cuts are possible this year or next, Bessent declined to comment. However, he argued that it is necessary to stay open-minded about the price or inflation impacts from the Iran conflict, and monitor inflation performance after those effects subside. Bessent also said an open mind is needed, as the AI boom could boost productivity and deliver disinflationary effects, helping inflation return to the Fed’s target level. He added that he believes Kevin Warsh will choose the optimal path that meets both the Fed’s inflation and growth mandates. Bessent also noted that Warsh previously took a hawkish stance on inflation.

5 hours ago

US stocks' intraday storage sector sees broad declines, with Western Digital and Seagate Technology both falling over 4%.

According to Bitget data, during U.S. stock trading hours, the storage sector saw broad declines: Western Digital (WDC) fell 4.47%, Seagate Technology (STX) dropped 4.17%, SanDisk (SNDK) declined 2.31%, and Micron Technology (MU) edged down 0.96%. Most optical communication concept stocks rose, with Corning (GLW) leading the gains at 9.75%, followed by Ciena (CIEN) up 3.24%, Coherent (COHR) rising 2.93%, Lumentum (LITE) gaining 2.61%, and Nokia (NOK) advancing 1.82%. Additionally, Marvell Technology (MRVL) fell 2.59% and Applied Optoelectronics (AAOI) declined 1.90%.

5 hours ago

During intraday trading in U.S. stocks, crypto-related concept stocks fell broadly, with MSTR dropping more than 7%.

According to Bitget market data, the three major U.S. stock indexes rose broadly: the Dow Jones Industrial Average gained 0.94%, the S&P 500 increased 0.60%, and the Nasdaq rose 0.63%. Crypto-related stocks fell across the board, with declines as follows: Strategy (MSTR) down 7.33%; Circle (CRCL) down 4.35%; Bitmine (BMNR) down 3.97%; Coinbase (COIN) down 3.73%; Robinhood (HOOD) down 3.70%; Gemini (GEMI) down 3.27%; Bullish (BLSH) down 3.25%; Sharplink (SBET) down 3.19%.

5 hours ago

Coinbase CEO Predicts Win-Win-Win Outcome in Market Structure Saga

Cosmos has disclosed a security vulnerability affecting Saga, and a patch has been released.

SAGA: Staking Rewards Return to Saga Mainnet

3 min read

May 28, 2026

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San Francisco, CA — Saga is expanding its AI agent product into competitive gaming through a new partnership with Bonoxs, integrating an AI-powered version of Tío the Bonoxs Wizard into Bonoxs Arena, a tournament platform serving over 100,000 monthly users across titles including Valorant and Garena Free Fire.

Tío will operate as an always-on community manager across Discord, supporting players participating in live tournaments. Designed as a knowledgeable gamer mentor and tournament host, the Wizard reflects Bonoxs’ community-first identity, combining a friendly, gaming-native tone with a sharp understanding of competitive play. The character engages players like a seasoned participant in the ranked grid; answering questions, guiding users through tournaments, and building hype around live competitions, all while maintaining a warm, playful presence across channels.

The integration marks a shift in how AI agents are being deployed within gaming ecosystems. Rather than existing as standalone experiences or marketing tools, agents are beginning to function as operational layers inside active player economies.

“AI agents are evolving from interfaces into participants,” said Rebecca Liao, co-founder and CEO of Saga. “What Bonoxs is building shows how agents can support real-time interaction at scale, becoming embedded in the day-to-day flow of digital communities.”

Bonoxs Arena hosts a growing ecosystem of competitive experiences, where players participate in tournaments across titles such as Valorant and Garena Free Fire. As activity scales, managing player coordination, communication, and support becomes increasingly complex.

“Managing large-scale tournaments means constant communication with players across multiple platforms, often in real time,” said Joaquin Baluga, CEO of Bonoxs. “The Bonoxs Wizard allows us to support our community instantly and consistently, without adding operational overhead, which is critical as we continue to grow.”

By introducing Tío as an AI agent, Bonoxs aims to streamline these interactions while maintaining a consistent and responsive user experience across platforms.

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“This is about enhancing how players engage with competitive environments and bringing more users into those experiences,” said Fernando Vasconez, Head of Gaming Investments and Partnerships at Saga. “Agents can support onboarding, guide players into tournaments, and reduce friction across the entire journey, while enabling platforms like Bonoxs to scale more efficiently.”

Tío represents the first step in a broader strategy to introduce AI agents across Bonoxs’ business. While the initial deployment focuses on platform-level support, future iterations may extend into Bonoxs’ other game experiences, bringing character-driven agents directly into gameplay and player interaction loops.

Saga has been actively working with gaming studios and IP holders to develop AI-powered characters that extend beyond traditional in-game roles. By integrating agents into live environments such as Bonoxs Arena, Saga continues to push toward a model where agents act as persistent, interactive participants across digital ecosystems.

As AI agents become more embedded in gaming infrastructure, platforms like Bonoxs are demonstrating how these systems can move beyond novelty and into core operational roles, supporting the next generation of interactive and scalable player economies.

About Saga

Saga is a hyperscaling platform for AI. Its infrastructure enables AI agents, gaming, and financial rails at massive scale, giving developers and creators the framework to bring frontier-intelligent, interactive worlds to life. In 2025, Saga released its AI Character Agent Network for Gaming & Digital IP Commerce, an ecosystem of applications where NPC-like autonomous agents acquire, engage, and monetize users on behalf of studios, publishers, and global IP owners. Since its launch in early 2024, Saga has processed over 23 million transactions across its network worth $2b+ in the aggregate. Saga is led by a team of multi-exit Silicon Valley founders in AI, blockchain and enterprise software with 15+ years of experience in tech, finance and politics.

About Bonoxs

BONOXS is the leading go-to-market growth engine for game publishers in Latin America. By combining localized payment infrastructure, distribution, and full-stack marketing execution, BONOXS enables publishers to unlock new revenue streams, reach cash-first audiences, and scale engaged gaming communities. Trusted by partners including Riot, Moonton, Gameloft, and Ubisoft, BONOXS connects publishers with millions of paying users through seamless monetization solutions, community-driven growth, and on-the-ground market expertise.

For further information, follow us on Twitter, join our Discord and Telegram, and subscribe to our Medium.

SAGA: Saga Sells Crypto Arm as Success in AI Business Grows, Launches Saga AI Labs

Market commentators view Ripple’s acquisition spree, surpassing $250 million, as a strategic move to position the company and XRP at the forefront of the financial world.

Austin King, co-founder of Omni Network, who sold his company to Ripple, is among those championing this perspective. In a tweet today, he argued that Ripple’s acquisitions are part of a broader strategy to expand XRP’s role in global banking.

Ripple’s Key Acquisitions One of the standout acquisitions is Metaco, a provider of custody services for cryptocurrencies. Notably, news of this acquisition first broke in May 2023. Meanwhile, a subsequent report by The Crypto Basic confirmed Ripple completed the takeover in early 2024.

With this acquisition, Ripple is enabling banks to offer their customers a range of crypto products, including secure storage and management of digital assets. According to King, major financial institutions like Citi, HSBC, and BNP Paribas are already leveraging Metaco’s platform.

In February 2024, Ripple also acquired Standard Custody, a company that allows banks to tokenize assets on the XRP Ledger. While Ripple publicly disclosed its $250 million acquisition of Metaco, it did not reveal the financial details for Standard Custody.

King believes this acquisition lays the groundwork for Ripple to offer tokenization services to banks. He backed this view by citing the company’s recent introduction of RLUSD, a stablecoin pegged to the U.S. dollar.

“RLUSD is just Ripple’s first tokenized asset,” King said. He believes Ripple’s next move will be to provide banks with the tools to tokenize a wide array of assets and integrate them into the blockchain ecosystem.

Additionally, King revealed that Ripple also acquired his own firm, which focuses on interoperability.

The Strategy for XRP With this growing list of acquisitions, King argues that Ripple’s long-term goal is to turn the XRP Ledger into the global hub for tokenized assets.

Specifically, he noted that while tokenized assets may be moved across various blockchains, the XRP Ledger will remain central to this ecosystem, facilitating cross-chain interoperability.

Furthermore, King suggested that in addition to traditional transaction fees, Ripple plans to monetize tokenization by introducing new fee mechanisms with the tokenization process.

He believes these tokenization fees could be far more lucrative than transaction fees. According to the expert, the move would position XRP as a major infrastructure component for global financial markets, potentially driving its price upward.

A 100x Opportunity Furthermore, King highlighted that Ripple’s strategic positioning will accelerate with the anticipated regulatory changes under the incoming Donald Trump administration.

Ultimately, as Ripple continues to focus on tokenization, interoperability, and bank adoption of blockchain, King believes the current moment represents a 100X opportunity for investors and participants in the XRP ecosystem. In his view, market participants adopting XRP are still early, with a promising future ahead.

Bullish commentary by Austin King DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

RLUSD Could Supercharge XRP Growth—Expert Explains How it Unlocks 1000X Potential