Abracadabra Money (1st incident — abra-rekt): ERC-4626 rounding error — borrow share price inflation via repeated borrow/repay → phantom debt drain

Abracadabra's CauldronV4 rounding bug let an attacker inflate borrow share prices via repeated micro-borrows, draining $6.5M in MIM from two cauldrons.

Occurred 2024-01-30 Loss $7M Status closed

Summary #

Abracadabra Money (1st incident — abra-rekt) suffered a CDP / Lending (Cauldron-based stablecoin) on 2024-01-30, resulting in a loss of approximately $7M.

What happened #

Abracadabra's CauldronV4 rounding bug let an attacker inflate borrow share prices via repeated micro-borrows, draining $6.5M in MIM from two cauldrons.

Linked factors #

RD-F-008 — illustrative : Bug survived review (RD-F-008 = ignored disclosure; closest semantic match for audit-missed-bug) [via dashboard_risk_factors/Vulnerability in audited or unaudited code: Audited — rounding flaw survived review]
RD-F-078 — causal : Chronic flag (≥3 prior exploits) [via cross-hack: Factor 59: Three-or-More Exploit History]