🚨 DeFi Hack Alert: $13M Drained from Abracadabra/Spell Protocol
Abracadabra/Spell was hacked, with 6,262 ETH (~$13M) stolen due to a vulnerability in the "Cauldrons" smart contract built on GMX V2. Hackers exploited a liquidation loophole using a flash loan strategy, simulating self-liquidation without real collateral. While GMX’s core contracts weren’t affected, the breach highlights serious risks in DeFi lending layers. Funds were later bridged from Arbitrum to Ethereum, making tracking harder.
