Abracadabra.Money’s GMX pools hacked, $13M lost

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The story "Abracadabra.Money’s GMX pools hacked, $13M lost" was covered 17 hours ago by Coin Telegraph, a news publisher based in United States.

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Coin Telegraph 17h ago

Abracadabra.Money’s GMX pools hacked, $13M lost - Coin Telegraph

Quick Summary:

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 launchGMX denies contract vulnerabilityDespite 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.

Related: DeFi lender Nostra pauses borrowing after price feed errorHackers use Tornado Cash, bridge to EthereumFund Tracking by AMLBotCrypto forensics firm AMLBot provided Cointelegraph with a partial reconstruction of how the hack was performed.

The post further claimed that “no issues have been identified with GMX contracts,” adding:“We believe the issue relates solely to the Abracadabra/Spell cauldrons.