Crypto security firms PeckShield, CertiK, and SlowMist have identified a significant exploit on the DeFi platform Abracadabra, resulting in a $13 million loss. The attack, which was publicized on the X platform, targeted the platform's smart contracts to extract 6,262 ETH from liquidity pools.

According to researcher Weilin (William) Li, the exploit involved a complex seven-step process during the liquidation of Abracadabra's cauldrons integrated with GMX V2's GM pools. This incident follows a previous hack in January 2024, which led to a $6.49 million loss and a depegging of the Magic Internet Money stablecoin.

GMX has confirmed that its contracts remain unaffected and is actively investigating the breach with security experts.