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Home » DeFi Protocol Abracadabra Finance Suffers $6.5 Million Hack – OODA Loop

DeFi Protocol Abracadabra Finance Suffers $6.5 Million Hack – OODA Loop

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DeFi Protocol Abracadabra Finance Suffers $6.5 Million Hack – OODA Loop

Digital assets associated with the decentralized finance (DeFi) project Abracadabra Finance, including its Magic Internet Money (MIM) stablecoin, values fell after its team confirmed an exploit of the platform. In a Jan. 30 post on social media platform X (formerly Twitter), the project’s team acknowledged an ongoing exploit involving certain Ethereum cauldrons. “Our engineering team is triaging and investigating the situation,” they added. Data from CoinMarketCap shows that the security incident resulted in the ecosystem’s MIM stablecoin deviating from its $1 peg. The asset’s value fell to as low as $0.77 before recovering to $0.92 as of press time. The team… 

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