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Home Ethereum

DeFi platform MIM Spell offers 20% bounty to hacker after $12.9 million ETH heist

Digital Pulse by Digital Pulse
March 27, 2025
in Ethereum
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DeFi platform MIM Spell offers 20% bounty to hacker after .9 million ETH heist
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Blockchain safety agency Cyvers has reported a serious safety breach that affected DeFi platform Abracadabra’s MIM_Spell platform.

The assault led to the lack of 6,262 ETH, equal to round $12.9 million.

In keeping with Cyvers, the attacker rapidly bridged the stolen ETH to the Ethereum community and distributed the funds throughout three newly generated wallets.

MIM confirms breach

On March 25, MIM confirmed the exploit in a press release with out disclosing the stolen quantity.

In keeping with the platform, the exploit focused its gmCauldron good contracts, which had handed audits carried out by Guardian Audits, the group that reviewed GMX’s core infrastructure.

The platform additionally highlighted the presence of extra safety layers, together with integrations with Hexagate and ZeroShadow’s threat-tracking system.

Regardless of these measures, the exploit went unnoticed till a number of transactions had already been accomplished. ZeroShadow ultimately recognized the irregular exercise, after which Abracadabra suspended all borrowing features tied to the impacted contracts.

Whereas the platform burdened that no consumer collateral was compromised, it famous that its inside groups are nonetheless assessing the complete scope of the breach.

MIM acknowledged:

“To the hacker, we’re completely happy to entertain negotiations for a bug bounty of 20% of the entire. Attain out at [email protected] or on chain to our treasury tackle on ETH 0xDF2C270f610Dc35d8fFDA5B453E74db5471E126B.”

Whereas early indications instructed that the incident may need impacted GMX’s platform, the DEX clarified that its good contracts stay untouched.

In keeping with GMX, the exploit is remoted to Abracadabra’s cauldrons, which assist borrowing in opposition to GM liquidity tokens.

The protocol added:

“We imagine the difficulty relates solely to the Abracadabra/Spell cauldrons. These cauldrons enable for borrowing in opposition to particular GM liquidity tokens. The contributors from Spell, GMX, and safety researchers are presently investigating the reason for the difficulty.”

Regardless of GMX’s distancing from the incident, the platform’s native token nonetheless took a success.

CryptoSlate knowledge reveals GMX fell almost 5%, dropping from $14.74 to $13.74 earlier than barely recovering to round $14.13 as of press time.

XRP Turbo



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Tags: BountyDeFiETHHackerHeistmillionMIMOffersPlatformSpell
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