DeFi Project Abracadabra Undergoes $10 Million Attack

As per early reports, the Decentralized Finance (DeFi) project Abracadabra has fallen victim to an attack, leading to an approximately $10 million loss.

The on-chain investigation firm Cyvers revealed that the attackers’ wallet had initial deposits from the crypto mixer – Tornado Cash. So far, they have stolen $10 million and transferred around $4 million to a new externally owned account (EOA).

Abracadabra Exploiter Wallet. Source: Etherscan

The Abracadabra attack is not just a standalone event but a stark reminder of the inherent risks associated with the DeFi space. As these platforms gain popularity and handle increasing volumes of capital, they become enticing targets for cybercriminals.

This is a developing story…