A NullMeridian record Andromeda Logs

NullMeridianLog

25 Mar 2025, from 07:57 UTC

Abracadabra: GM Cauldron Liquidation Left Phantom Collateral

Abracadabra: on 25 Mar 2025 a GmxV2CauldronV4 liquidation path left orderValueInCollateral intact after collateral was pulled, letting an attacker mint ~13.4M undercollateralized MIM. User collateral unaffected.

  • Event date
  • Incident typeSmart-contract exploit
  • Bug classAccounting
  • Published

Loss, as sourced

Roughly 13.4 million undercollateralized MIM borrowed, per Abracadabra. No user collateral affected. ~$260K later rescued from RouterOrder contracts.

Traceability

Primary sources

  1. 01paragraph.comAbracadabra Post Mortem — GM Cauldrons, 27 Mar 2025 (opens in a new tab)

In brief

Root cause: Per Abracadabra: custom liquidate drew collateral from GmxV2CauldronRouterOrder when DegenBox shares were insufficient, but did not close the order or clear orderValueInCollateral — enabling borrow against phantom collateral via cook actions.

Timeline, as sourced: Per Abracadabra (UTC, 25 Mar): setup from ~06:00; first exploit 07:58; attacks until 09:37; borrow limits zeroed 09:46; ZeroShadow notified team 09:31.

Account, as sourced

Claimed (Abracadabra) (post-mortem (opens in a new tab)): five GM cauldrons hit across 56 txs; OrderAgent nulled; Hexagate monitors had not covered DegenBox vault.

Guardian had audited GmxV2Cauldron contracts (Nov 2023 / Nov 2024 update).

Summaries of public sources as of the published date; except where marked (on-chain), not independently verified by NullMeridian. Figures are the sources’ own and are attributed; where sources disagree, each is given. Sources may since have changed. Not legal, financial or investment advice.

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