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In a recent turn of events, blockchain security firm Cyvers reported a significant security breach that impacted Abracadabra Money’s MIM_Spell platform. The attack led to the theft of 6,262 ETH, equivalent to approximately $12.9 million. Cyvers disclosed that the attacker quickly bridged the stolen ETH to the Ethereum network and distributed the funds across three newly generated wallets.
On March 25, MIM confirmed the breach without disclosing the stolen amount. The exploit targeted its gmCauldron smart contracts, which had previously passed audits conducted by Guardian Audits, the team that vetted GMX’s core infrastructure. Despite additional security measures, including integrations with Hexagate and ZeroShadow’s threat-tracking system, the exploit slipped through unnoticed until several transactions had been completed.
ZeroShadow was the one to identify the irregular activity, after which Abracadabra immediately suspended all borrowing functions tied to the impacted contracts. While the platform assured its users that no collateral had been compromised, it did acknowledge that its internal teams are still working to assess the full extent of the breach.
In a rather unconventional approach to dealing with the hacker, MIM has offered to negotiate a bug bounty of 20% of the total stolen amount. The hacker is encouraged to reach out via email or on-chain to the treasury address.
There were initial concerns that the incident may have impacted GMX’s platform, however, the decentralized exchange (DEX) clarified that its smart contracts remain untouched. According to GMX, the exploit is an isolated incident related to Abracadabra’s cauldrons, which support borrowing against GM liquidity tokens.
Despite GMX distancing itself from the incident, the platform’s native token, GMX, suffered a hit. Data from CryptoSlate shows that GMX fell nearly 5%, dropping from $14.74 to $13.74 before slightly recovering to around $14.13 at press time.
The contributors from Spell, GMX, and security researchers are currently investigating the cause of the issue. The question remains whether this high-profile breach will cause more DeFi platforms to reassess their security measures and protocols. The security of a platform is paramount to ensuring the trust and participation of users, and this incident serves as a harsh reminder of the risks associated with cryptocurrency transactions.
