Seneca Protocol
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anchored·3jkhxf…MvTHSummary
Seneca Protocol is an omnichain CDP (collateralized debt position) protocol deployed on Ethereum mainnet and Arbitrum that allowed users to borrow a stablecoin (senUSD) against yield-bearing collateral assets. On February 28, 2024, a critical arbitrary external-call vulnerability in the protocol's Chamber contract was exploited, resulting in approximately $6.4 million in user funds being drained. Roughly 80% of stolen funds were returned after an on-chain negotiation, but a net loss of approximately $1.28 million remained, and evidence surfaced that the vulnerability had been reported to the team prior to launch.
Connected Entities
5 entities · 60 linked investigations- Seneca→mentioned with→Seneca Protocol(80%)
- Seneca→mentioned with→Arbitrum(70%)
- Seneca→mentioned with→Ethereum(80%)
- Seneca Protocol→mentioned with→Arbitrum(70%)
- Seneca Protocol→mentioned with→Seneca(80%)
- Seneca Protocol→mentioned with→Ethereum(80%)
- Seneca Protocol→mentioned with→FixedFloat(65%)
- FixedFloat→mentioned with→Ethereum(70%)
- Arbitrum→mentioned with→Ethereum(80%)
Timeline(8 events)
November 2023
Seneca Protocol abandoned a competitive audit contest on Sherlock approximately five days before its planned launch, with the team reportedly describing the code as 'battle-tested.'
Rekt NewsNovember 2023
X user 'cawfree' allegedly warned Seneca of the exact performOperations vulnerability and was subsequently blocked by the team. Security researcher Daniel Von Fange also allegedly identified the bug and was removed from the project's Discord.
Protos8 November 2023
Seneca Protocol launched on Arbitrum, partnering with CamelotDEX to seed primary liquidity pools.
Seneca (@SenecaUSD) on X28 February 2024
Attacker (funded via FixedFloat approximately five months prior) exploited the Chamber contract's performOperations function, draining approximately $6.4 million (1,900+ ETH) from users across Ethereum mainnet and Arbitrum using crafted transferFrom calls.
The Block28 February 2024
PeckShield Inc. publicly flagged the attack on-chain. Seneca team confirmed the exploit and instructed users via @SenecaUSD to revoke approvals for affected Chamber contract addresses on Ethereum and Arbitrum.
Seneca on X29 February 2024
Seneca published an on-chain message offering the attacker a 20% bounty (~$1.28M) to return 80% of stolen funds and indicating legal action would not be pursued if funds were returned.
CryptoPotato29 February 2024
Attacker returned approximately 1,537 ETH (~$5.3 million) to Seneca's Gnosis Safe address, retaining approximately 300 ETH (~$1.04 million) as bounty across two new addresses.
CoinTelegraphMarch 2024
Seneca published an official post-mortem on Mirror, apologizing to the community, confirming 80% fund recovery, and committing to a user reimbursement plan and protocol security improvements.
Seneca Exploit — Post Mortem (Mirror)Decision Log
- slot 424163077 · hash FseTjYEZbUvDhApcogs8G6ryiwJaNnXif1xpVqLtCJoi
- slot 424163074 · hash JuwpeFuRVrBycgJPDFHheere5pmaceKAWNpBU6hZhnK
- slot 423640452 · hash GyCr243MuRQ8hiiyK8PXLTVE2rQts2SxsbhXkK4aYbgq
This investigation is cryptographically anchored to the Solana blockchain (3 decisions). 12 of 15 cited source URLs have an Internet Archive snapshot.
model: claude-sonnet-4-6
generated: 6/1/2026, 5:49:11 PM
last updated: 6/1/2026, 5:49:11 PM
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