Abracadabra DeFi project hit with a $1.7 million hack, exploited by manipulating smart contract variables to borrow assets beyond limit. Attackers laundered 51 ETH through Tornado Cash, with 344 ETH still in their wallet. Phalcon audit firm identifies faulty logic sequence in platform’s cook function, allowing for multiple overrides of safeguards. Attack drained over 1.79 million MIM tokens across six addresses. Abracadabra yet to publicly comment, but plans to repurchase affected MIM supply with DAO reserve funds. This marks the third exploit against Abracadabra in under two years.

Read more at Yahoo Finance: Abracadabra Suffers Third DeFi Exploit As Hackers Drain $1.7 million