for hackers cryptocurrency A robbery field where protocols can easily lose their traces. That’s why we see new ones all the time. Hacking a bank account and moving billions of dollars is very difficult with today’s technology. However, we have seen examples where this is possible in cryptocurrencies. The latest victim was the Abracadabra stablecoin platform.
SPELL Attack
The report shared by GoPlus Security at the time of writing Credit and stablecoin says its platform Abracadabra (SPELL) has suffered a new attack that caused $1.77 million in damage. Crypto cyber security companies are now a part of our lives and there are several more such companies that monitor abnormal activities. Events that were difficult to detect in the past have become easier with the increase in employment in this field, and even minor attacks are heard.
The cyber security team pointed out that the MIM_Spell X account did not update after the attack. The last post was made on September 9. The attack contract address was announced as 0xB8e0A4758Df2954063Ca4ba3d094f2d6EdA9B993 (It self-destructed after the attack) and the attacker’s address was announced as 0x1AaaDe3e9062d124B7DeB0eD6DDC7055EFA7354d.
The hacked contract is 0xd96f48665a1410c0cd669a88898eca36b9fc2cce (Abracadabra Money).
“After the attack process was completed, 51 ETH TornadoCashTransferred to . The attacker’s address (0x1AaaDe) still holds 344 ETH (~$1.55 million) in unmoved assets.
The team later responded in the Discord community, stating that DAO reserve funds would be used to buy back the affected MIMs. However, the official Twitter account has not made any new posts for about a month.” – GoPlus Security
Warnings for Cryptocurrency Investors
centralized platforms FTX There is a risk of defrauding customers such as and disappearing. That’s why DeFi interest has increased after the crash at the end of 2022. However of DeFi He has a bigger problem. Today, although centralized exchanges are under control and monitoring, a significant portion of decentralized platforms are hacked because they do not have adequate penetration tests and do not allocate the necessary budget to ensure that code audits are at a high level.
When a website is hacked, if you have backups, you can easily restore your site. However, a hacked cryptocurrency protocol, stolen assets disappear from your hands due to the irreversibility of the blockchain. That’s why central exchanges and DEX It may be useful to allocate risk among
Abracadabra Money had been attacked twice before due to contract security vulnerabilities. Apparently, they did not take their job seriously by creating the necessary budget for code auditing and detecting/closing vulnerabilities. Or, as an extreme scenario, can we say “they hacked themselves”? We’ve seen this before with crypto. It’s like bank owners siphoning off their own banks, as they have done so many times.
- On January 30, 2024, a flash loan attack exploiting a rounding calculation vulnerability in the contract disrupted the peg of the MIM stablecoin, causing a loss of approximately $6.5 million.
- On March 25, 2025, a hack exploiting a business logic vulnerability during collateral liquidation caused a loss of approximately $13 million.
