Hackers have stolen 6260 ETH (approximately $13 million) from the pools of the DeFi project Abracadabra Finance, according to analysts at PeckShield.
.@GMX_IO @MIM_Spell related contracts have been hacked for ~6,260 ETH (worth ~$13M) pic.twitter.com/LZzMADWB3n
— PeckShield Inc. (@peckshield) March 25, 2025
The hackers targeted lending markets where GM tokens from the decentralized exchange GMX were used as collateral.
Developers confirmed the incident and noted that the contracts had undergone a security audit by Guardian Audits and were protected by several security measures.
Despite this, the attack was only noticed after the hacker executed “several transactions.” The protocol’s operations have been halted. The team is investigating the incident and assessing the losses.
The hackers have been offered a 20% bounty to return the stolen funds.
According to PeckShield, the funds were transferred from Arbitrum to three addresses on Ethereum.
GMX reported that the attack did not affect the exchange’s on-chain infrastructure.
Back in 2024, Abracadabra Finance lost $6.5 million due to a hack.