DeFi Platform Abracadabra Hit by Hack, Offers Reward for Return

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Hackers, Come and Get It! 🤑

DeFi Platform Abracadabra Hit by Hack, Offers Reward for Return

And so, the curtain of deceit was lifted, revealing the sordid tale of Abracadabra Finance’s GM cauldrons suite of products, which, like a snake shedding its skin, had been hacked, resulting in the loss of 13 million MIM stablecoins. Ah, the sweet taste of digital despair!

Reward Offered to Hackers for Return of Stolen Funds

The decentralized lending platform Abracadabra Finance, a den of thieves in the world of DeFi, confirmed on March 26 that its GM cauldrons suite of products had been hacked, resulting in the loss of 13 million MIM stablecoins. But, like a phoenix from the ashes, Abracadabra Finance arose, saying it had already acquired 6.5 million MIM and repaid 50% of the total loss. Ah, the wonders of digital wizardry!

Confirmation of the hacking came less than 24 hours after blockchain security firm Peckshield first reported an incident in which attackers siphoned 6,260 ETH. The decentralized exchange GMX, a bastion of trustworthiness, insisted its contracts were not affected. Ah, the soothing balm of reassurance!

According to a statement, the Abracadabra DAO treasury held $19 million at the time of the incident, while another $4 million was in the Depeg Contingency Fund. The lending platform also disclosed that it was in close contact with the security firm Chainalysis, which was tracking the stolen funds. Ah, the comforting presence of digital sleuths!

“To the hacker, we are happy to entertain negotiations to return the stolen funds, in exchange for a bug bounty, which we are happy to pay in any currency you may require,” Abracadabra said, like a benevolent dictator offering a pardon to a rebellious subject.

Meanwhile, in addition to the reimbursement plan, Abracadabra Finance announced other steps aimed at minimizing market disruption while prioritizing long-term stability. These include Berachain cauldrons, which will allow users to mint MIM using various LP tokens as collateral. Deeper integration with Berachain is planned, with SPELL emissions directed toward POL. Ah, the wonders of digital innovation!

The first Abracadabra DAO incubation protocol is also expected to launch soon, with MIM swap technology licensed to Purrswap for the first Stableswap on Hyper EVM. Ah, the bright future of DeFi, shining like a beacon of hope!

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2025-03-26 18:28