TechFlow reports on March 26 that Abracadabra has disclosed a hack affecting its gmCauldrons product line, resulting in the loss of approximately 13 million MIM (equivalent to about 6,000 ETH). The protocol has already repurchased and burned 6.5 million MIM from treasury funds, covering 50% of the losses. Abracadabra stated that the remaining losses will be gradually absorbed by treasury funds over the coming months, with full repayment expected by mid-2025.
The Abracadabra treasury currently holds around $19 million in assets, maintaining a healthy and solvent position. This attack affected only the gmCauldrons product line; other protocol products remain unaffected, and user funds are secure. Although gmCauldrons had undergone audits by multiple security firms and implemented monitoring systems, the attack was still not prevented.
Abracadabra has partnered with Chainalysis to track the stolen funds and expressed willingness to negotiate with the hacker for fund recovery.
Previous report: Smart contracts related to GMX and Abracadabra were hacked, resulting in losses of approximately $13 million.
