DeFi lending protocol Abracadabra exploited for $13M of ETH
DeFi lending protocol Abracadabra has lost approximately $13 million via an exploit that appears to be linked to certain collateral tokens. Crypto security audit firm Peckshield flagged the hack, which drained a total of 6,260 ether (ETH) on the Ethereum layer-two network Arbitrum. The funds have since been bridged back to Ethereum, where they are being held in three addresses. .@GMX_IO @MIM_Spell related contracts have been hacked for ~6,260 ETH (worth ~$13M) pic.twitter.com/LZzMADWB3n — PeckShield Inc. (@peckshield) March 25, 2025 Read more: Magic Internet Money loses its sparkle as DeFi platform hacked for $6.5M After being tagged in the initial alert, decentralized perps exchange GMX took to X to clarify that its contracts were unaffected by the attack. The team points instead to “Abracadabra/Spell cauldrons” which “allow for borrowing against specific GM liquidity tokens.” While the investigation into the root cause of the hack is ongoing, one of Abra...