Inside the fallout from PeckShield’s Synnax Labs audit

They note how Synnax Labs patched this vulnerability four days before the exploit, how PeckShield deleted the audit, which didn’t include this vulnerability, before asking the question, “What happened?”

Li added, “I have no opinion or comment on this event. I am just listing some facts.”

Indeed, Synnax Labs claims that the contracts were paused and patched “proactively” four days before Abracadabra’s exploit, before elaborating on what happened with the audit.

Abracadabra has lost over $21 million in major DeFi hacks

Abracadabra reportedly suffered the hack after a flaw in the protocol’s cook function was exploited to manipulate its solvency checks.

The funds were subsequently sent to Tornado Cash before Abracadabra bought back MIM and fully recovered. PeckShield didn’t flag the Abracadabra exploit on its alert account.

Abracadabra has suffered three major DeFi exploits since 2024, losing over $21 million.

In January 2024, it lost $6.5 million after a hacker appeared to have exploited a rounding error in its CauldronV4 smart contract code.

Then, over a year later, it was hacked for $13 million worth of ether after following an exploit with the contract’s collateral accounting mechanism.

Protos has reached out to Synnax Labs and PeckShield Inc. for comment and will update this piece should we hear back.

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