The crypto community is alarmed by a recent $13 million breach involving the GMX decentralized exchange and the Abracadabra protocol.
How the $13 Million Attack Unfolded
The attackers managed to steal 6,260 ETH, worth $13 million, through Abracadabra protocols. According to a post by Jonezee, GMX's contracts remained unaffected but the 'Abracadabra cauldrons' were compromised.
Are Ethereum Holders Under Attack?
This is not the first incident affecting the Ethereum ecosystem. Earlier this year, hackers stole $1.4 billion in ETH from the Bybit cold wallet. As of press time, Ethereum's value has decreased by 1.45% to $2,060.12.
Market Reaction and Security Measures
Collaborative efforts from Tether, Tron, and TRM Labs have led to the freezing of over $9 million related to the previous hack. This highlights ongoing efforts to secure the funds.
Such breaches raise concerns about the security of the DeFi ecosystem. Participants are advised to exercise caution and safeguard their assets.
