Hold onto your crypto wallets—Abracadabra, the DeFi protocol behind Magic Internet Money (MIM), just lost $13 million in a jaw-dropping hack! On March 25, 2025, a crafty attacker exploited a flaw in the protocol’s smart contracts, draining 6,262 ETH from its liquidity pools. Here’s the spellbinding tale of how it went down and what it means for the crypto world.
The Vanishing Act: $13 Million Gone in a Flash
Security firm PeckShield sounded the alarm when several million dollars’ worth of tokens vanished from Abracadabra/Spell’s “cauldrons”—smart contracts that power its lending and borrowing features using GMX’s decentralized exchange liquidity pools. The attacker zeroed in on a vulnerability, siphoning off approximately 6,262 ETH—valued at a cool $13 million. The stolen funds didn’t stick around long; they’ve already been bridged from Arbitrum to Ethereum, leaving a digital trail for investigators to chase.
How the Magic Worked
Abracadabra’s cauldrons integrate with GMX V2’s GM pools, but this hack turned that connection into a weak spot. Crypto researcher Weilin (William) Li broke it down on X, revealing a seven-step scheme that sounds straight out of a heist movie. The attacker used a flash loan—a DeFi trick where you borrow funds without collateral and repay them in the same blockchain transaction—to manipulate the system. Here’s the gist:
• The attacker borrowed a hefty chunk of MIM, Abracadabra’s algorithmic stablecoin.
• Then, in a twist, they liquidated themselves during the flash loan state, exploiting the liquidation process tied to GMX V2 integration.
• Normally, liquidation wipes out a borrower’s collateral, but here, the attacker had none—yet still pocketed liquidation incentives, raking in profits.
Li noted that the attacker’s account stayed solvent by the end, turning a clever loophole into a $13 million payday. It’s a mind-bending exploit that highlights the wild risks lurking in DeFi’s complex machinery.
The GMX Angle: A Window of Opportunity?
GMX V2’s two-step trading process—where orders are created and later fulfilled by “keepers” to avoid front-running—might have given the attacker an opening. That gap between order creation and execution could’ve been the perfect stage for interference. However, a GMX developer was quick to clarify that the core GMX contracts weren’t compromised, pinning the blame squarely on Abracadabra’s cauldron design.
What’s Next for Abracadabra?
This isn’t Abracadabra’s first brush with trouble—past exploits have rocked its MIM stablecoin—but a $13 million hit stings. The stolen ETH is now on Ethereum, and while the protocol scrambles to respond, the crypto community is watching closely. Will Abracadabra tighten its smart contracts, or is this a sign of deeper vulnerabilities in DeFi integrations?
When Crypto Meets the Divine: Religion and Blockchain Collide in 2025
Cryptocurrency is no longer just a financial frontier—it’s stepping into the realm of faith. The latest news shows religion and crypto intertwining in ways that range from profound to downright peculiar. Here’s a deep dive into how blockchain is brushing up against belief systems around the globe.
Betting on the Second Coming
Picture this: a crypto betting pool tied to the return of Jesus Christ. It sounds like something out of a sci-fi novel, but it’s buzzing on X as of March 23. Spotted in scattered posts, this quirky wager has folks putting real digital money on a theological event, blending eschatology with Ethereum. Details are murky—who’s running it? How’s it work?—but it’s a wild example of how crypto’s speculative spirit is spilling into sacred territory. It’s less a mainstream movement and more a fringe fascination, yet it’s got people talking about faith in a whole new digital light.
A Saudi Fatwa Flips the Script on Bitcoin
Closer to the mainstream, a seismic shift hit earlier this month. Between March 11 and 13, X lit up with news that a 90-year-old Saudi Salafi cleric issued a fatwa declaring Bitcoin “halal” under Islamic law. This isn’t just a footnote—it’s a potential game-changer for Muslim investors worldwide. With Sharia-compliant finance eyeing billions in untapped capital, this ruling could unlock a flood of investment into Bitcoin and beyond. While the fatwa’s full text isn’t widely available, the crypto crowd on X is calling it a “bullish” signal, hinting at a Middle Eastern adoption boom. Faith and finance have rarely aligned so boldly.
Crypto-Christians: Myth or Mystery?
Then there’s today’s oddball gem from X user @GusLadRom. They dropped a tantalizing claim: a late Orthodox monk, Father Ephraim of Mount Athos, supposedly told a confidant that Turkey hides nearly 15 million “crypto-Christians”—secret believers some interpret as linked to cryptocurrency. It’s a stretch, likely conflating hidden faith with digital coins, but it’s a perfect snapshot of how crypto’s allure is weaving into religious lore online. There’s no solid proof here—just a juicy rumor—but it shows how blockchain’s mystique is sparking imaginations across spiritual lines.
The Bigger Picture
What’s tying these stories together? Crypto’s not just about profit anymore—it’s stirring up questions of belief, ethics, and identity. A fatwa could reshape Islamic finance, a betting pool might redefine prophecy, and a rumor could fuel endless debates. These developments are still bubbling under the radar of major news outlets, thriving instead in the crypto community’s digital echo chambers. But they signal something bigger: as cryptocurrency scales, it’s challenging not just markets but mindsets.
