Nearly $13M stolen from Abracadabra Finance in crypto heist

The cryptocurrency platform Abracadabra Finance lost about $13 million worth of digital currency to hackers on Tuesday morning. 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. 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. “Core contributors and security engineers are investigating the issue in depth and will provide more information as soon as available,” the company said, adding that each cauldron had been audited by a security company called Guardian. “While having multiple systems in place, the exploit was caught only after the attacker executed several transactions.” Abracadabra Finance said it is in the process of calculating the damage and is working with Guardian and other companies to examine the incident. The blockchain secu ... Read full article.