A current exploit on Abracadabra.Cash, a cryptocurrency lending platform, focused swimming pools that have been constructed utilizing GMX
$14.08
tokens.
The difficulty was reported on March 25 by PeckShield Inc., a cybersecurity agency. In response to their findings, contracts linked to each Abracadabra.Cash and GMX, a decentralized perpetual trade, have been affected, which led to the lack of about 6,260 ETH, price roughly $13 million.
A GMX consultant said that the trade’s personal contracts had not been impacted. They defined that the swimming pools concerned are primarily based on GMX v2 tokens, that are utilized by Magic Web Cash (MIM), however the concern didn’t stem from GMX itself.
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GMX tokens are used to gather charges from trades and leveraged positions. On Abracadabra.Cash, customers borrow from swimming pools referred to as “cauldrons”, that are tied to particular property like GMX tokens. These cauldrons enable customers to lock in collateral and take out loans, relying on what they deposit.
GMX confirmed in a submit on X that the issue was linked to MIM’s use of GMX tokens. The group stated no flaws have been present in GMX’s good contracts and pointed to the cauldrons because the possible supply of the difficulty.
This isn’t the primary time Abracadabra.Cash has confronted a safety drawback. In January 2024, Abracadabra.Cash misplaced $6.49 million on account of a separate good contract breach.
On March 18, a hacker stole 55.5 Ethereum—price round $106,200—from aixbt, an AI-driven crypto buying and selling bot. How? Learn the complete story.
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