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DeFi Platform Abracadabra Hit by Hack, Offers Reward for Return
Abracadabra Finance confirmed a hack of its GM cauldrons products, resulting in a loss of 13 million MIM stablecoins.
Reward Offered to Hackers for Return of Stolen Funds
The decentralized lending platform Abracadabra Finance confirmed on March 26 that its GM cauldrons suite of products was hacked, resulting in the loss of 13 million MIM stablecoins. However, the incident did not cause the stablecoin to depeg, and Abracadabra Finance said it has already acquired 6.5 million MIM and repaid 50% of the total loss.
Confirmation of the hacking came less than 24 hours after blockchain security firm Peckshield first reported an incident in which attackers siphoned 6,260 ETH. The decentralized exchange GMX, which provides the coins serving as collateral for Abracadabra Finance’s cauldrons, insisted its contracts were not affected.
According to a statement, the Abracadabra DAO treasury held $19 million at the time of the incident, while another $4 million was in the Depeg Contingency Fund. The lending platform also disclosed that it was in close contact with the security firm Chainalysis, which is tracking the stolen funds. As reported by some media outlets, Abracadabra has indeed offered to pay the hackers in any currency they desire in exchange for the return of the stolen stablecoins.
“To the hacker, we are happy to entertain negotiations to return the stolen funds, in exchange for a bug bounty, which we are happy to pay in any currency you may require,” Abracadabra said.
Meanwhile, in addition to the reimbursement plan, Abracadabra Finance announced other steps aimed at minimizing market disruption while prioritizing long-term stability. These include Berachain cauldrons, which will allow users to mint MIM using various LP tokens as collateral. Deeper integration with Berachain is planned, with SPELL emissions directed toward POL.
The first Abracadabra DAO incubation protocol is also expected to launch soon, with MIM swap technology licensed to Purrswap for the first Stableswap on Hyper EVM.