It seems that the magic is over. Over the weekend, unknown attackers targeted the Abracadabra Money protocol, withdrawing about $1.7 million in cryptocurrency. The incident has been confirmed by analysts from Phalcon_xyz, who recorded anomalous transactions from the project's smart contracts.
🚨 This is already the third hack in the last two years:
In 2024, Abracadabra lost $6.5 million as a result of an exploit of a vulnerability in the tokens.
In March 2025, hackers withdrew another $13 million from liquidity pools, taking advantage of a flaw in the collateral calculation mechanism.
And now — a new attack that completely undermines trust in the protocol.
🧨 Notably, the Abracadabra team has not yet made an official statement, and the SPELL token immediately dropped nearly 8% after the news.
⚙️ Analysts believe that a series of similar attacks are related to outdated smart contracts and a low level of security auditing. Despite the high potential of DeFi, many old protocols continue to exploit code written long before the surge of interest in L2 solutions and multi-chain integrations — which means they remain vulnerable.
👁 Investors are already discussing a possible rebranding or merging the project with another DeFi protocol to salvage the remnants of Abracadabra's reputation.
#DeFi #Hack #Abracadabra #CryptoNews #BlockchainSecurity
