Why abracadabra Is Trending Today?

Abracadabra, a decentralized finance (DeFi) protocol, has suffered its third major hack in two years, with the latest incident resulting in a loss of $1.8 million. The hack, which occurred on March 15, 2024, saw an unknown attacker exploit a vulnerability in the protocol, allowing them to drain funds. This is the third such incident involving Abracadabra since 2024, with previous hacks occurring in January and February of the same year. Following the latest hack, Abracadabra has paused its contracts to mitigate further losses.

Abracadabra, a decentralized finance (DeFi) platform, has fallen victim to its third exploit in two years, with hackers draining approximately $1.7 million from the platform. The latest incident involves the transfer of funds to Tornado Cash, a service known for facilitating privacy-focused transactions.