An Altcoin Has Been Hacked for the Third Time in the Last Year

Cryptocurrency security firm GoPlus Security reported that its lending and stablecoin platform Abracadabra Money (SPELL) has been hacked ￰0￱ to the company, the attack resulted in losses of approximately $1.77 ￰1￱ to GoPlus Security, the attacker transferred 51 ETH to Tornado Cash after the transaction was ￰2￱ 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 ￰3￱ News: Bitcoin (BTC) Breaks All-Time High Price Record - Here Are the Latest Data and Reasons for the Rise 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 ￰4￱ 25, 2025: Approximately $13 million was stolen due to a logical error that occurred during collateral ￰5￱ price initially declined after the attack, but later saw a recovery. *This is not investment ￰6￱ Reading: An Altcoin Has Been Hacked for the Third Time in the Last Year