$13M in ETH Lost in Hack Targeting GMX and Abracadabra/Spell Contracts
Recently, hackers targeted the decentralized finance (DeFi) platforms GMX and Abracadabra (MIM/Spell) in a security breach, resulting in a significant loss of funds. Blockchain security firm PeckShield reported that the attack hit certain contracts associated with GMX and Abracadabra/Spell, leading to the theft of around 6,260 ETH, worth $13 million. This has raised serious concerns in the DeFi space, with these two platforms being integral parts of the decentralized finance ecosystem. The Nature of the Hack: Affected Contracts and Clarifications The specific targets of the hack were the smart contracts of Abracadabra and Spell. The contracts of Abracadabra that were utilized for this hack were those known for utilizing the 'cauldrons.' Those cauldrons, which leverage GMX V2's GM pools, were identified as the entry point for the breach. However, GMX itself was very clear in saying that it was not […]
