Hacked to Oblivion…Again 🤑

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In the grand tradition of locking the stable door after the horse has not only bolted but also won the Kentucky Derby, Abracadabra.Finance has been hacked to the tune of a cool $13 million in Ethereum (ETH). Because what’s a little magic without a disappearing act, right? ✨

Sharp-eyed security wizards at Cyvers and PeckShield spotted the sneaky thief making off with 6,262 ETH, which was then dispersed across three wallets in a game of cryptocurrency hide-and-seek. 🎮

Abracadabra.Finance, in a display of transparency (after the fact, of course), confirmed the attack but initially kept the dollar amount under their pointy hat. The target of this dastardly deed? The “cauldrons” – lending pools where users borrow against crypto assets, because who needs a bank when you have a magical pot? 🧙‍♂️

Here’s the kicker: these smart contracts had been audited by the esteemed Guardian Audits (who also gave GMX’s systems a once-over) and were further protected by Hexagate and ZeroShadow. Yet, the attack slipped under the radar until several transactions had already been conjured into existence. 🔮

Upon ZeroShadow’s alert, Abracadabra promptly shut down borrowing on all affected contracts. Now, they’re teaming up with security firms to unravel the mystery of the breach. “The full damage…is currently being assessed,” they said, likely while frantically waving a manual on “Reversing Crypto Heists for Dummies.” 📚

In a bold (or perhaps desperate?) move, Abracadabra offered the hacker a deal: return the loot and keep 20% as a “bug bounty.” Because who doesn’t love a good “finders, keepers” policy? 🤑 “To the hacker, we…entertain negotiations for a bug bounty of 20% of the total,” they announced, hopefully with a straight face.

Rumors swirled that GMX, a decentralized exchange, was also under the weather, but GMX hastily dispelled these, stating, “We believe the issue relates solely to the Abracadabra/Spell cauldrons.” Though unscathed, GMX’s token price still took a 5% tumble, from $14.74 to $13.74, before slightly recovering. 📉

Meanwhile, blockchain detectives from Chainalysis are hot on the trail, having tracked the stolen ETH from Arbitrum to Ethereum and into at least three different wallets. The game, as they say, is afoot! 👮‍♂️

Abracadabra reassures users that no collateral was lost, meaning borrowers and lenders didn’t directly lose their shirts. However, the full impact of the attack is still being assessed, with a detailed post-mortem report forthcoming. 📝

And in a stunning display of déjà vu, this isn’t Abracadabra’s first rodeo with security issues. Who could forget the 2024 hack that saw $6.49 million vanish into thin air, causing their Magic Internet Money (MIM) stablecoin to lose its peg to the U.S. dollar? 🎩

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2025-03-25 21:25