.@Sagaxyz__ was reportedly attacked, with a large amount of Saga Dollar (D token) minted. The attacker bridged the stolen assets to Ethereum, swapping part into ETH (2,000+ ETH, worth $6M+) and deploying the rest into Uniswap v4 LP positions (worth $800K+). Total value is over $6.8M. The root cause remains unclear, and the chain has been paused for investigation.
https://sagaevm.sagaexplorer.io/address/0x2044697623afa31459642708c83f04ecef8c6ecb?tab=token_transfers…
https://etherscan.io/address/0x2044697623afa31459642708c83f04ecef8c6ecb…

SagaEVM has been paused at block height 6593800 in response to a confirmed exploit on the SagaEVM chainlet.
Mitigation is underway, and the team is fully focused on a solution.
Further updates will follow once details are confirmed.

Saga ⛋

Twitter

Author | Jeff Park (Chief Information Officer, Bitwise)
Compiled by Odaily Odaily(@OdailyChina)
Translator | Dingdang (@XiaMiPP)
Editor's Note: On February 5th, the cryptocurrency market experienced another sharp drop, with over $2.6 billion liquidated in 24 hours. Bitcoin briefly plummeted to $60,000, but the market seems to lack a clear consensus on the causes of this decline. Jeff Park, CIO of Bitwise, offers a new analytical framework from the perspective of options and hedging mechanisms. [...]

The Black Swan Event Was Actually This: The Real Reason for the Recent Bitcoin Crash

Author | Jeff Park (Chief Information Officer, Bitwise)
Compiled by Odaily Odaily(@OdailyChina)
Translator | Dingdang (@XiaMiPP)
Editor's Note: On February 5th, the cryptocurrency market experienced another crash, with over $2.6 billion liquidated in 24 hours. Bitcoin briefly plummeted to $60,000, but the market seems to lack a clear consensus on the causes of this decline. Bitwise CIO Jeff Park offers a new analytical framework from the perspective of options and hedging mechanisms.
...

The release of this new regulation marks a historic leap in the attitude of Chinese regulators towards virtual assets, shifting from a "complete ban" to a "combination of restriction and guidance."

Article Author & Source: Guofeng Law Firm On February 6, 2026, the "Notice on Further Preventing and Handling Risks Related to Virtual Currencies" (Yinfa [2026] No. 42, hereinafter referred to as "Document No. 42"), jointly issued by eight ministries led by the People's Bank of China, and the "Regulatory Guidelines on the Issuance of Asset-Backed Securities Tokens Overseas by Domestic Assets" (hereinafter referred to as the "Guidelines") simultaneously issued by the China Securities Regulatory Commission, have triggered significant reactions in the legal and financial circles...