Abracadabra.Money’s GMX pools hacked, $13M lost
Tuesday, 25 March 2025 ()
About $13 million worth of cryptocurrency has been drained from decentralized lending protocol Abracadabra.Finance following an exploit targeting pools using GMX tokens.
In a March 25 X post, crypto cybersecurity firm PeckShield reported that contracts related to GMX and Abracadabra.Money had been compromised, resulting in the loss of about 6,260 Ether (ETH), worth around $13 million.
The news follows Abracadabra.Money losing $6.49 million after its smart contracts were compromised in late January 2024. At the time, this also led to the protocol’s Magic Internet Money (MIM) stablecoin losing its peg to the US dollar.
*Related: **Pump.fun’s new DEX reaches $1B volume a week after launch*
*GMX denies contract vulnerability*
Despite initial reports, a pseudonymous GMX communications contributor claimed on X that “GMX contracts are not affected.” According to the user, GMX is involved because MIM’s pools are based on GMX v2 pools.
GMX Market (GM) tokens are a core part of the GMX platform, earning fees from swaps and leveraged trading. MIM’s pools, known as cauldrons, are the protocol’s core product and provide isolated lending exposure.
In an official X post, GMX stated that the hack involved MIM’s pools that used GM tokens.
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