Abracadabra Loses $1.8 Million Due to Simple Coding error
Abracadabra, a DeFi lending platform, suffered a $1.8 million loss due to a coding error. The attacker exploited a flaw in the batch function, similar to a previous attack on a forked project. Hacken, a blockchain security firm, analyzed the incident.
the attacker bypassed a safety check, allowing them to borrow without collateral. They drained six Cauldrons, swapped the stolen MIM for ETH, and laundered the funds via Tornado cash.
This incident highlights the risks of unimplemented functions in DeFi protocols. Despite previous attacks,Abracadabra’s code was vulnerable again.The forked project, Synnax, had paused its CauldronV4 master days earlier, indicating awareness of the flaw.
For more details, check the Hacken report.
