History Repeats: Abracadabra Hacked for Third Time in Over a Year
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DeFi lending protocol Abracadabra has been hacked again, losing $1.8 million in its third major security breach since 2024.
An attacker exploited a vulnerability in a deprecated smart contract to steal MIM stablecoins, following a now-familiar pattern of bypassing the protocol’s solvency checks. The team insists no user funds were affected, as the DAO treasury covered the loss.
However, with cumulative losses now exceeding $21 million, the protocol’s vulnerability to sophisticated attacks remains a critical concern.
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