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Nearly $13M stolen from Abracadabra Finance in crypto heist
The crypto lending platform said the issue was sourced back to a product it calls “cauldrons” — isolated lending markets that allow users to borrow against a variety of cryptocurrencies.
The company did not respond to requests for comment confirming the amount of stolen cryptocurrency but acknowledged the incident in a message on social media. Several companies tied the attack to the decentralized exchange GMX — which provides the coins that served as collateral for Abracadabra Finance’s cauldrons. The Treasury Department removed sanctions on Tornado Cash last week after a federal appeals court ruled the agency had exceeded its authority in trying to penalize the company for being used by North Korean hackers seeking to launder funds stolen from cryptocurrency firms.
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