Source: Cointelegraph Original: "{title}"
Approximately $13 million in cryptocurrency was stolen from the decentralized lending protocol Abracadabra.Money following an attack targeting a pool using GMX tokens.
Cryptocurrency cybersecurity firm PeckShield reported on March 25 via X that contracts related to GMX and Abracadabra.Money were attacked, resulting in the theft of about 6,260 Ethereum, valued at approximately $13 million.
This news comes after Abracadabra.Money lost $6.49 million at the end of January 2024 due to a breach of its smart contracts. At that time, this also caused the protocol's Magic Internet Money (MIM) stablecoin to decouple from the US dollar.
Although initial reports indicated that the GMX contract was affected, an anonymous GMX community contributor stated on the X platform that "the GMX contract was not affected." According to this user, GMX is related to this incident because the MIM pool is based on the GMX v2 pool.
The GMX market (GM) token is a core part of the GMX platform, earning fees through trading and leveraged trading. The MIM pool, known as the "magic pot," is the core product of the protocol, providing isolated lending exposure.
In an official post on X, GMX stated that the attack involved the MIM pool using GM tokens. The post further claimed, "No issues were found with the GMX contract," and added, "We believe this issue is only related to the Abracadabra/Spell magic pot.
These magic pots allow for lending based on specific GM liquidity tokens."
As of the time of publication, GMX and Abracadabra.Money had not responded to Cointelegraph's inquiries.
Chart tracking the hacked funds. Source: AMLBot
Cryptocurrency forensic company AMLBot provided Cointelegraph with part of the reconstruction process of the hack. The hacker's address first injected funds through the Tornado Cash decentralized cryptocurrency mixer, and then these funds were used to pay transaction fees for the malicious trades. The stolen Ethereum was subsequently transferred from the Arbitrum network to Ethereum via a blockchain bridge: "The stolen funds, totaling 6,260 Ethereum, have been bridged from Arbitrum to Ethereum."
AMLBot's investigation department also confirmed to Cointelegraph that only the Abracadabra.Money contract was breached in this attack. The GMX smart contract was not exploited in the malicious trades.
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