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 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.