Seneca Protocol hack highlights dangers of Ethereum’s token approval mechanism

A bug in crypto lending platform Seneca Protocol was exploited on Wednesday to steal funds directly from users’ wallets. Losses so far exceed $3 million on the Ethereum and Arbitrum networks. Seneca is a decentralized finance (DeFi) project that allows users to borrow the stablecoin senUSD against yield-bearing assets such as deposit tokens and liquid […] source: https://protos.com/seneca-protocol-hack-highlights-dangers-of-ethereums-token-approval-mechanism/