Security Failures Mount for Abracadabra as $1.8M Hack Highlights Systemic Issues

Another week, another hack for Abracadabra Money. The DeFi protocol has lost $1.8 million in a exploit nearly identical to its January 2024 incident, once again involving bypassed solvency checks.

This marks the protocol’s third major security failure, bringing total losses to a staggering $21 million. Despite assurances that the “potential attack vector” in a deprecated contract is now closed and that the DAO treasury will absorb the cost, the repeated nature of these breaches points to deeper systemic issues.

For a protocol holding $154 million in user deposits, the inability to secure its ecosystem from recurring attack vectors threatens its very viability.