Abracadabra.Finance, a decentralized lending platform, was exploited for approximately $13 million in Ethereum (ETH), with around 6,262 ETH stolen. The attack targeted pools tied to GMX liquidity tokens, specifically 'cauldrons' using GM tokens as collateral. The stolen ETH was subsequently bridged to the Ethereum network and distributed across three new wallets. Blockchain security firms, including PeckShield and Cyvers, reported the incident, noting that the funds were moved in multiple batches from the Arbitrum network to Ethereum via Stargate. The hacker utilized the Tornado Cash decentralized cryptocurrency mixer to fund the transaction fees for the malicious transactions, which were identified as a smart contract compromise possibly involving a flash loan attack. To continue reading this as well as other DeFi and Web3 news, visit us at thedefiant.io
