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Home » Magic Internet Money loses its sparkle as DeFi platform hacked for $6.5M – Protos

Magic Internet Money loses its sparkle as DeFi platform hacked for $6.5M – Protos

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Magic Internet Money loses its sparkle as DeFi platform hacked for $6.5M – Protos

Abracadabra Finance, the platform behind stablecoin Magic Internet Money (MIM), was hacked for approximately $6.5 million on Tuesday, causing MIM to depeg.According to data from CoinMarketCap, the $100 million market cap stablecoin briefly hit $0.76 before rebounding due to the team’s efforts to restore the token’s price.The Abracadabra treasury used over 900,000 USDT to market buy MIM, sending the price back to around $0.95 where it remains at the time of writing.While yet to be officially confirmed, the attack appears to have been caused by a rounding error in Abracadabra’s CauldronV4 smart contract code, which allowed the hacker to drain assets… 

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