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Abracadabra Spell

avoid.net/abracadabra-spell→10/100·100% conf.
[AI-DRAFTED · AWAITING VERIFICATION][src:defillama]

Auto-generated score, not yet verified against the scoring model. Under review — treat as indicative, not a verdict.

anchored·4sk2Bm…E35N

Summary

Abracadabra.money is a multi-chain DeFi lending protocol that allows users to mint the MIM (Magic Internet Money) USD-pegged stablecoin using interest-bearing tokens as collateral. The protocol has been compromised three times since January 2024, losing a combined total of over $21 million, and its founding ecosystem was shaken in January 2022 when co-founder Daniele Sestagalli's associate — Wonderland's pseudonymous treasury manager known as 0xSifu — was publicly identified as Michael Patryn, a convicted felon and co-founder of the fraudulent exchange QuadrigaCX. The SPELL token has declined approximately 99.5% from its November 2021 all-time high, and the protocol's total value locked has collapsed from over $776 million to under $30 million.

Connected Entities

1 entities
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□Abracadabra Spell
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    Timeline(9 events)

    November 2021

    Abracadabra.money launches; SPELL token reaches all-time high of approximately $0.035.

    15 January 2022

    Wonderland (Frog Nation) records near all-time high TVL of approximately $776 million.

    27 January 2022

    ZachXBT publicly reveals that 0xSifu, Wonderland's pseudonymous CFO/treasury manager, is Michael Patryn — convicted felon and QuadrigaCX co-founder. Daniele Sestagalli admits he knew Patryn's real identity for approximately one month prior to the disclosure.

    29 January 2022

    Wonderland DAO votes 88% in favor of removing Sifu as treasury manager; a second vote elects to continue protocol operations rather than unwind.

    27 January 2022

    SPELL, TIME, and ICE tokens crash on news of the Sifu scandal; approximately $130 million in MIM is dumped by a single wallet within days.

    May 2022

    Terra/LUNA ecosystem collapses. Abracadabra's Degenbox strategy — which created recursive MIM-UST leverage loops — suffers significant contagion losses. MIM experiences depeg pressure.

    30 January 2024

    First major exploit: rounding precision bug in Cauldron V3/V4 contracts allows attacker to drain approximately $6.5 million in ETH and MIM. MIM briefly depegs to $0.76.

    March 2025

    Second major exploit: attacker drains approximately $13 million (6,262 ETH) via state-tracking flaw in GMX V2 Cauldron integration using a multi-step self-liquidation attack.

    4 October 2025

    Third major exploit: logic error in deprecated PrivilegedCauldronV4 cook() function allows attacker to bypass solvency checks and steal approximately 1,793,766 MIM and 395 ETH (~$1.8 million). Funds laundered via Tornado Cash. PeckShield subsequently alleged to have missed the vulnerability in a prior audit.

    Provenance & Audit Trail
    Anchored on SolanaVerify on-chain19 Wayback Archivessrc:defillama

    Decision Log

    This investigation is cryptographically anchored to the Solana blockchain (1 event). 19 of 23 cited source URLs have an Internet Archive snapshot.

    full audit log →version history →

    model: claude-sonnet-4-6

    generated: 5/4/2026, 2:54:35 AM

    last updated: 8/30/2026, 1:16:28 AM

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