Cryptocurrency security firm GoPlus Security reported that its lending and stablecoin platform Abracadabra Money (SPELL) has been hacked again. According to the company, the attack resulted in losses of approximately $1.77 million.
According to GoPlus Security, the attacker transferred 51 ETH to Tornado Cash after the transaction was completed. The attacker's wallet address (0x1AaaDe) still holds 344 ETH (approximately $1.55 million).
The platform team announced on its Discord community that DAO reserve funds will be used to repurchase the affected MIM tokens. However, Abracadabra's official X (Twitter) account has not been updated since September 9th.
This incident was the third major attack that Abracadabra suffered due to smart contract vulnerabilities:
- January 30, 2024: A flash loan attack resulted in the loss of approximately $6.5 million and the MIM stablecoin crash.
- March 25, 2025: Approximately $13 million was stolen due to a logical error that occurred during collateral liquidation.
SPELL price initially declined after the attack, but later saw a recovery.
*This is not investment advice.
