Crypto War Zone: Hacks, Scams, and Security Fails of the Week

This week’s hacks, scams, and exploits reveal the evolving tactics of Web3 attackers—and the urgent need for stronger security across crypto and DeFi.

A week full of hacks, scams and ever evolving ways of cheating investors out of their investments. DCN and Cyber Security Institute captures it all.

Read on to learn more:

Hacks

GMX and MIM_Spell Exploit: $13M Stolen in Coordinated Attack

A sophisticated exploit on March 25, 2025, targeted Abracadabra’s GMXCauldronV2 contracts, resulting in the theft of 6,262 ETH (~$13M). The attack leveraged GM liquidity tokens and involved multiple wallets funded through Tornado Cash, with stolen funds bridged from Arbitrum to Ethereum. Security firms PeckShield, MistTrack, and Lookonchain tracked the attack, identifying three addresses holding the stolen ETH.