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. Related 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 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. Continue Reading: An Altcoin Has Been Hacked for the Third Time in the Last Year