$13m stolen as GMX-Abracadabra link breached
About $ 13 million was stolen in the recent hack in the integration of Crypto Exchange GMX with Abracadabra.
On March 25, the Safety Society Blockchain Peckshield reported A major decentralized GMX security incident. More specifically, the contracts linked to Abracadabra (spell) were hacked, leading to theft of around 6,260 Ethereum (Ethn), worth around $ 13 million at current market rates.
Jonezee, a GMX representative, quickly clarified that the main GMX contracts remained secure and that the problem was isolated from the integration between Abracadabra and GMX V2. He assured that the Abracadabra team actively investigates the violation and works to identify the deep cause of vulnerability.
“To clarify, the GMX contracts are not affected. It relates to the abracaadabra / spell cauldrons based on the GMX V2 GMP pools. The contributors are currently examining the cause, and I would like to excuse myself with anyone who is negatively affected. It is very unhappy”, ” wrote Jonnezeee.
Abracadabra Cauldons are smart contracts that allow Challenge Activities such as loans, borrowing and supply of liquidity. These cauldrons rely on the GMX V2 GMX pools – The liquidity pools provided by users at GMX DEX. This integration with GMX allows Abracadabra to use GMX liquidity system to support its own products.
THE last update Regarding the attack, the stolen funds have been filled with arbitrum (ARB) in Ethereum (Ethn) and are currently divided between 3 addresses.
This is not the first time that Abracadabra has faced security problems in his smart contracts. In January 2024, The Magic Internet Money (MIM) stablePart of the Abracadabra ecosystem was exploited Due to vulnerability in his contract, allowing attackers to manipulate the price of MIM.
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