The post This DeFi Protocol Was Hacked For Nearly $2 million appeared on BitcoinEthereumNews.com. DeFi project Abracadabra has suffered a fresh exploit that drained about $1.7 million from its platform. Blockchain security firm Go Security flagged the breach on October 4 and confirmed that attackers had already laundered about 51 ETH through Tornado Cash. At the time of reporting, the attacker’s wallet (identified as 0x1AaaDe) still held around 344 ETH, worth approximately $1.55 million. Sponsored Sponsored How Abracadabra Was Exploited for the Third Time Security researcher Weilin Li verified the exploit and explained that the attacker manipulated Abracadabra’s smart contract variables to bypass a solvency check. This allowed them to borrow assets beyond the intended limit, prompting Abracadabra’s team to pause all contracts to prevent further losses. Another blockchain audit firm, Phalcon, traced the root cause to a faulty logic sequence in the platform’s cook function. This is a mechanism that lets users execute several predefined actions in one transaction. .@MIM_Spell was attacked hours ago, resulting in a loss of ~$1.7M. The root cause stems from the flawed implementation logic of the cook function, which allows users to execute multiple predefined operations in a single transaction. Specifically, the actions share a common… pic.twitter.com/4tQzkRbwcT — BlockSec Phalcon (@Phalcon_xyz) October 4, 2025 According to the firm, the attacker carried out two operations that overrode key safeguards. Sponsored Sponsored The first, known as action 5, initiated a borrowing process that was supposed to pass solvency checks. The second, called action 0, acted as an empty update function that rewrote the check flag and skipped the final validation step. The attacker drained more than 1.79 million MIM tokens by repeating this pattern across six different addresses. As of press time, Abracadabra has yet to comment publicly on the incident. Notably, the project’s official X account has remained silent since early September. However, Go Security reported that the Abracadabra… The post This DeFi Protocol Was Hacked For Nearly $2 million appeared on BitcoinEthereumNews.com. DeFi project Abracadabra has suffered a fresh exploit that drained about $1.7 million from its platform. Blockchain security firm Go Security flagged the breach on October 4 and confirmed that attackers had already laundered about 51 ETH through Tornado Cash. At the time of reporting, the attacker’s wallet (identified as 0x1AaaDe) still held around 344 ETH, worth approximately $1.55 million. Sponsored Sponsored How Abracadabra Was Exploited for the Third Time Security researcher Weilin Li verified the exploit and explained that the attacker manipulated Abracadabra’s smart contract variables to bypass a solvency check. This allowed them to borrow assets beyond the intended limit, prompting Abracadabra’s team to pause all contracts to prevent further losses. Another blockchain audit firm, Phalcon, traced the root cause to a faulty logic sequence in the platform’s cook function. This is a mechanism that lets users execute several predefined actions in one transaction. .@MIM_Spell was attacked hours ago, resulting in a loss of ~$1.7M. The root cause stems from the flawed implementation logic of the cook function, which allows users to execute multiple predefined operations in a single transaction. Specifically, the actions share a common… pic.twitter.com/4tQzkRbwcT — BlockSec Phalcon (@Phalcon_xyz) October 4, 2025 According to the firm, the attacker carried out two operations that overrode key safeguards. Sponsored Sponsored The first, known as action 5, initiated a borrowing process that was supposed to pass solvency checks. The second, called action 0, acted as an empty update function that rewrote the check flag and skipped the final validation step. The attacker drained more than 1.79 million MIM tokens by repeating this pattern across six different addresses. As of press time, Abracadabra has yet to comment publicly on the incident. Notably, the project’s official X account has remained silent since early September. However, Go Security reported that the Abracadabra…

                                                                               Lawmakers in the US House of Representatives and Senate met with cryptocurrency industry leaders in three separate roundtable events this week.                     Members of the US Congress met with key figures in the cryptocurrency industry to discuss issues and potential laws related to the establishment of a strategic Bitcoin reserve and a market structure.On Tuesday, a group of lawmakers that included Alaska Representative Nick Begich and Ohio Senator Bernie Moreno met with Strategy co-founder Michael Saylor and others in a roundtable event regarding the BITCOIN Act, a bill to establish a strategic Bitcoin (BTC) reserve. The discussion was hosted by the advocacy organization Digital Chamber and its affiliates, the Digital Power Network and Bitcoin Treasury Council.“Legislators and the executives at yesterday’s roundtable agree, there is a need [for] a Strategic Bitcoin Reserve law to ensure its longevity for America’s financial future,” Hailey Miller, director of government affairs and public policy at Digital Power Network, told Cointelegraph. “Most attendees are looking for next steps, which may mean including the SBR within the broader policy frameworks already advancing.“Read more