Abracadabra.Finance Loses $13 Million in Exploit Involving GMX Tokens
Decentralized lending platform Abracadabra.Finance experienced an attack that resulted in a loss of $13 million in cryptocurrency, primarily draining 6,260 ETH worth approximately $12.98 million from pools linked to GMX liquidity tokens.
- PeckShield identified the compromise in contracts between GMX and Abracadabra.
- The attack targeted "cauldrons," which are isolated lending markets using GM tokens as collateral.
- GMX stated its core infrastructure remained unaffected by the incident.
- Abracadabra confirmed the exploit and is investigating the breach of its audited cauldron.
- The protocol has offered a 20% bug bounty to the attacker for negotiation.
- No user collateral was impacted, and a full post-mortem will be released after the investigation concludes.
- Abracadabra previously suffered a $6.49 million exploit last year affecting its Magic Internet Money stablecoin.