Hacker gets a 20% bounty—talk about a generous offer after a $13M heist!

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So, Abracadabra Finance, in a plot twist worthy of a soap opera, has just confirmed that its gmCauldron smart contracts experienced a security boo-boo, leading to the unfortunate disappearance of around $13 million. Oops! They’re now scrambling like a cat in a room full of rocking chairs to recover the funds. 🐱💨

In true “turn off the taps” fashion, the protocol has disabled borrowing across all cauldrons. Why? Because it turns out security is as important as remembering to wear pants to a Zoom meeting. They’re now cozying up with blockchain security firms, hoping to trace the stolen cash like a lost sock in the dryer. 🧦🔍

The heist, first sniffed out by the watchful folks over at PeckShield, seems to have targeted the tender little integration between GMX’s decentralized exchange and Abracadabra’s lending contracts. Who knew that sad little security oversight would lead to such drama? 🎭

“We’re on it!” tweeted the company, still assessing the chaos. They’ve enlisted a dream team including Guardian Audits and GMX to dig into how this hack even went down. Because, of course, it’s not just a breach; it’s a full-on episode of “CSI: Blockchain.” 🔍💼

Our friends at Abracadabra also pointed out that their gmCauldrons underwent rigorous audits before deployment and were integrated into multiple security systems. I guess that’s what happens when you think a few safety nets will save you from the circus act of modern hacking! 🎪

The Zeroshadow team eventually gave a friendly nudge to Abracadabra, saying, “Hey, maybe turn off those borrowing functions ASAP.” Not exactly the call you want to get on a Monday morning, right? ☕📉

.@GMX_IO @MIM_Spell related contracts have been hacked for ~6,260 ETH (worth ~$13M)

— PeckShield Inc. (@peckshield) March 25, 2025

Blockchain analytics whizzes over at Chainalysis have stepped in to track the misappropriated assets like they’re on a treasure hunt, following the stolen goods from Arbitrum (ARB) to Ethereum (ETH) and merging them into a few cozy addresses. 🗺️💰

And here’s the best part: Abracadabra is actually offering the hacker a 20% bug bounty as a peace offering. Can you believe it? They stated, “To the hacker, let’s chat about that 20% cut of the total.” Seriously, what’s next? A coupon for a free coffee? ☕💸

A full post-mortem of this latest escapade will be released after a thorough investigation. Because what’s better than a dramatic reveal? Stay tuned, everyone! 📺👀

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2025-03-25 20:16