Finance, crypto hack, Exploits, dexs, DeFi, Decentralized lending, Crime The assault focused swimming pools tied to GMX liquidity tokens, particularly “cauldrons” utilizing GM tokens as collateral.
Decentralized lending platform Abracadabra.Finance suffered an assault that drained $13 million price of cryptocurrency from swimming pools tied to GMX liquidity tokens.
Blockchain safety agency PeckShield flagged that contracts involving decentralized alternate GMX and Abracadabra had been compromised, resulting in the theft of 6,260 ETH, price round $12.98 million on the time of writing.
The exploit targeted on so-called “cauldrons,” remoted lending markets in Abracadabra the place customers can borrow in opposition to crypto collateral. These specific cauldrons relied on GM tokens, which characterize liquidity positions in GMX, a decentralized alternate platform.
GMX distanced itself from the incident. In a publish on X, an account related to the alternate stated that GMX’s contracts themselves had been unaffected. The workforce later stated the breach was “solely related to the Abracadabra/Spell cauldrons,” which used GM tokens as collateral however didn’t contain GMX’s core infrastructure.
In a press release on X, Abracadabra confirmed the exploit and stated core contributors and engineers had been investigating the incident to its “fully audited” cauldron. The protocol famous that gmCauldrons had been audited by Guardian Audits — the identical agency that audited GMX contracts — and had been a part of a broader safety infrastructure involving monitoring and response instruments.
The protocol supplied the attacker a 20% bug bounty and invited them to barter by way of electronic mail or an on-chain message.
Abracadabra is working with Guardian and GMX in addition to different safety companions in assessing the extent of the harm and the way the assault was executed. A full autopsy will observe as soon as the investigation concludes, and no person collateral was affected, it stated.
Last 12 months Abracadabra.Finance suffered a $6.49 million exploit that prompted its Magic Internet Money (MIM) stablecoin to lose its peg to the U.S. greenback.
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