Scam Alert

Saga DAO Hack Causes $60,000 In Damages To Users

Key Points:

Saga DAO, supporting the Solana Saga phone, lost 750 SOL ($60,000) to a hacker.
Founder zkRedDevil disclosed a remote hack affecting personal and group holdings.
Despite the Saga DAO hack, pre-orders for the Solana Saga phone, set for 2025 delivery, surged to 40,000.

In a significant setback for Saga DAO, a community-driven fan club supporting Solana’s sought-after mobile phone, a hacker targeted and emptied the treasury, stealing 750 SOL, equivalent to approximately $60,000.

Saga DAO Hack Causes $60,000 In Damages To Users 2

The victim, zkRedDevil, Saga DAO’s pseudonymous founder, revealed in a post on X that a remote hack on their personal PC resulted in the loss of both their personal holdings and the group’s SOL. Surprisingly, the wallet, supposedly equipped with multisignature protections, failed to prevent the unauthorized transfer.

The pilfered SOL originated from the sale of a pre-launch cryptocurrency received by Saga DAO less than a week ago, as disclosed in their Discord channel.

This Saga DAO hack prompted the DAO’s founders to expedite the implementation of formal policies and governance mechanisms to fortify the community, primarily existing on Discord, where Saga owners discuss phone perks, such as free tokens and NFTs.

Solana Saga Phone’s Success Continues Despite Saga DAO Hack

Despite the Saga DAO hack, pre-orders for the upcoming Solana Saga phone, slated for delivery in 2025, have already reached an impressive 40,000. Developed by Solana Mobile, the Saga phone boasts unique crypto capabilities on the Solana blockchain.

The success of the first Saga series, which quickly sold out in the US market, has led Solana Mobile to introduce a more affordable second line of smartphones, maintaining the original features, including a built-in crypto wallet, custom Android software, and a Web3 app store.

Priced at $599, down from the initial $1,000, the new Saga line is poised to build on the success of its predecessor, suggesting a promising future for Solana’s foray into the mobile market.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.