“The Attack Targeted Pools Tied to GMX Liquidity Tokens, Special “Cauldros” USING GM TOKENS as Collalateral.”, – WRITE: www.coindesk.com
Blockchain Security Firm Peckshiled FlaGged that Contracts Involving Decentralized Exchange GMX and Abracadabra Were Compromised, Leading to Theft of 6.260 ETH, WORTH AROOUND $ 12.260.
The Exploit Focused on So-Called “Cauldrons,” Isolated Lending Markets in Abracadabra Where USers Can Borrow Against Crypto Collalateral. These Particular Cauldrons Relved on GM Tokens, Whosh Represent Liquidity Positions in GMX, A Decentralized Exchange Platform.
GMX DISTANCED ITSELF FROM The INCIDENT. In a post on x, an account associated with the exchange said that gmx’s contractors themselves were unaffected. The Team Later Said the Breach Was “Solely Related to the Abracadabra/Spell Cauldrons,” WHICH USED GM TOKENS AS COLLATERAL BUT DID NOT INVOLVE GMX’S CORE INFRASTRUCTURE.
In a statement on X, Abracadabra ConfirMed the Exploit and SAID CORE CONTRIBUTORS and Engineers Were Investigating The Incident to ITS “Fully Audited” Cauldron. The Protocol Noted That Gmcauldros Had Been Audited by Guardian Audits – The Same Firm that Audited Gmx Contracts – and Were Part of a Broader Security InfrastRoCTRONRESTRESS
The Protocol Offered the Attacker A 20% Bug Bounty and Invited Them to Negotate Via Email or An on -chain Message.
Abracadabra is work with Guardian and GMX as Well As Other Security Partners in Assessing the Extent of the Damage and How The Attack Was Execurated. A full post-mortem Will Follow Once of the Investigation Concludes, and No User Colllateral Was Affected, IT SAID.
Last Year Abracadabra.finance Suffired A $ 6.49 Million Exploit that caused it Magic Internet Money (MIM) Stablecoin to Lose Its Peg to The Us Dollar.
