Crypto hocus-pocus sees $6.5 million go ‘poof’ from Abracadabra thanks to a Cauldron problem that let a user exploit Magic Internet Money (I swear)
Get the popcorn in, because I swear it’s true. A cross-chain lending platform called Abracadabra Money has confirmed that an exploit allowed one user to drain at least $6.49 million in Ethereum-based stablecoins from its protocol (first spotted by Web3isgoinggreat). Fair warning that this story involves a bunch of crypto jargon which I’ll try to…