When the staff tried to contact the hackers by way of on-chain messages, the MIM stablecoin was buying and selling at a 6% low cost.
DeFi lending protocol Abracadabra has been leveraged to a worth of $6.5 million.
In keeping with the staff, the attacker targeted Sure V3 and V4 cauldrons on Ethereum can withdraw unauthorized MIM loans.The borrowed MIM was then exchanged for ETH, in accordance with safety agency Peckshield, which first marked Exploit.
Borrowing limits for affected cauldrons have been set to zero to stop additional losses. The Abracadabra staff has despatched an on-chain message to the exploiter’s deal with in hopes of recovering the stolen belongings in change for the bounty.
Abracadabra is a collateralized debt protocol that enables customers to borrow its native stablecoin MIM towards varied crypto belongings. Its cauldron capabilities equally to the maker’s vault.
With MIM buying and selling properly under $1, the staff Firm The protocol’s treasury is deployed to buy and destroy stablecoins to revive their pegs. MIM’s market capitalization is roughly $55 million.
Abracadabra is working with blockchain analytics firm Chainaanalysis to hint the circulate of stolen belongings.
It is a growth story.
