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As the causes of the exploit have now been identified, we are working on remediations to make the Chamber contracts safe again.
The exploit didn't involve Seneca's TVL directly but rather funds held in the wallets of users that previously guaranteed unlimited approval to the Chambers.
The possibility of using a third-party address to maliciously call the Chamber contracts was not previously acknowledged. Seneca's Chamber contract previously underwent a comprehensive audit by @HalbornSecurity.
We are now coordinating with various parties on the review of the mitigations that we're putting in place.
As security is always our main priority, we are committing all our efforts to ensuring the following Chambers release will prevent any similar issues.
Because the attack vectors were not evident and were not detected in our prior audit conducted by one of the biggest security companies, we are being extra cautious and carefully pondering each code mitigation.
It is a lengthy path possibly including another independent audit of the final code yet it's the only one that guarantees a stable future for Seneca.
In the meantime, development of the v2 protocol version (multi-stablecoin; synthetics) keeps going forward.
What to expect next:
• Security implementation completion
• Independent review
• New Chamber contract deployment
• Resuming of incentives
• Seneca v2 rollout
In the midst of a major security incident, we are happy to acknowledge that we've managed to react in a timely way, preventing more users from falling victim to the exploit through the blacklisting of the exploited contracts right after the first few malicious transactions were conducted.
The recovery of 80% of the stolen funds has also been great news for all users involved. All reimbursements have already been processed.
An exploit is never good news for a protocol, but we'll make sure it's an obstacle that Seneca overcomes and quickly leaves behind.
Together, for a more capital-efficient DeFi. 🏛
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