Crypto security firms PeckShield, CertiK, and SlowMist have identified a significant exploit on the DeFi platform Abracadabra, resulting in a $13 million loss. The attack, which was publicized on the X platform, targeted the platform's smart contracts to extract 6,262 ETH from liquidity pools.
According to researcher Weilin (William) Li, the exploit involved a complex seven-step process during the liquidation of Abracadabra's cauldrons integrated with GMX V2's GM pools. This incident follows a previous hack in January 2024, which led to a $6.49 million loss and a depegging of the Magic Internet Money stablecoin.
GMX has confirmed that its contracts remain unaffected and is actively investigating the breach with security experts.
According to researcher Weilin (William) Li, the exploit involved a complex seven-step process during the liquidation of Abracadabra's cauldrons integrated with GMX V2's GM pools. This incident follows a previous hack in January 2024, which led to a $6.49 million loss and a depegging of the Magic Internet Money stablecoin.
GMX has confirmed that its contracts remain unaffected and is actively investigating the breach with security experts.