Repeated Exploits Plague Abracadabra: A Look at the Protocol’s $21 Million Security Crisis

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The recent $1.8 million hack of Abracadabra Money is more than an isolated event; it’s the latest chapter in a concerning pattern. This third major exploit since January 2024 brings the protocol’s total losses to over $21 million.

While the team swiftly mitigated this latest breach—which involved a deprecated contract vulnerability—and used treasury funds to make users whole, the repeated incidents raise questions about the protocol’s long-term security posture.

With a Total Value Locked (TVL) of $154 million, the continued erosion of treasury funds through exploits presents a significant risk to the ecosystem’s stability and investor confidence.