The Abracadabra decentralized loan platform.
The blockchain security company, Peckshield, reported that contracts involving decentralized GMX and Abracadabra exchanges were compromised, which led to theft of 6,260 ETH, worth around $ 12.98 million at the time of the editorial staff.
The feat focused on so-called “cauldrons”, isolated loan markets in Abracadabra where users can borrow against the cryptographic guarantee. These particular cauldrons relied on the GM tokens, which represent the liquidity positions in GMX, a decentralized exchange platform.
GMX moved away from the incident. In an article on X, an account associated with the exchange said that GMX contracts themselves were not affected. The team later declared that the violation was “only linked to the Abracadabra / Sorting Caulks”, which used GM tokens as a guarantee but did not imply the central infrastructure of GMX.
In a press release on X, Abracadabra confirmed the feat and said that basic contributors and engineers were investigating the incident of its “entirely audited” cauldron. The protocol noted that GMCAULRRON had been audited by Guardian audits – the same company as GMX audited contracts – and were part of a wider safety infrastructure involving monitoring and response tools.
The protocol offered the attacker a 20% bug bonus and invited them to negotiate by e-mail or a chain message.
Abracadabra works with Guardian and GMX as well as with other security partners to assess the extent of the damage and how the attack was executed. A full post-mortem will follow once the survey will end, and no guarantee of the user has been assigned, he said.
Last year abracadabra.finance underwent a feat of $ 6.49 million It made his Magic Internet Money (MIM) lose his ankle towards the US dollar.
