About $13 million worth of cryptocurrency has been drained from decentralized lending protocol Abracadabra.Money following an exploit targeting pools using GMX tokens.
In a March 25 X post, crypto cybersecurity firm PeckShield reported that contracts related to GMX and Abracadabra.Money had been compromised, resulting in the loss of about 6,260 Ether (ETH), worth around $13 million.
The news follows Abracadabra.Money losing $6.49 million after its smart contracts were compromised in late January 2024. At the time, this also led to the protocol’s Magic Internet Money (MIM) stablecoin losing its peg to the US dollar.
Related: Pump.fun’s new DEX reaches $1B volume a week after launch
GMX denies contract vulnerability
Despite initial reports, a pseudonymous GMX communications contributor claimed on X that “GMX contracts are not affected.” According to the user,