The two pre-teens, fans of a horror story website, had planned the attack months earlier to please "Slender Man," a fictional villain featured on the CreepyPasta site, according to Fox 6 Now.
The girls wanted to become "proxies" for Slender Man, according to the news site, citing court papers.
According to the indictment, posted by to the site, one of the two girls said they wanted to kill someone to show their devotion to Slender Man.
Their victim, a fellow 12-year-old girl, was invited to stay over at the home of one of the accused on Saturday in Waukesha, Wisconsin.
She was lured into the woods and stabbed 19 times with one cut landing just beside an artery before being abandoned.
A bicyclist found her and helped her get to the hospital, where she was in stable condition Tuesday.
During a press conference Monday, the Waukesha police chief alerted parents to the dangers of the Internet.
"This should be a wake up call for parents. Parents are strongly encouraged to restrict and monitor their children's Internet usage," Chief Russell Jack said.
The two suspects, who are being held in a Wisconsin jail, are set to have their next court appearance on June 11.
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