{"id":238497,"date":"2024-01-30T23:03:38","date_gmt":"2024-01-30T17:33:38","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=238497"},"modified":"2024-01-30T23:03:38","modified_gmt":"2024-01-30T17:33:38","slug":"lending-protocol-abracadabra-hit-by-6-5m-exploit-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/lending-protocol-abracadabra-hit-by-6-5m-exploit-crypto-news\/","title":{"rendered":"Lending Protocol Abracadabra Hit By $6.5M Exploit – Crypto News"},"content":{"rendered":"

<\/p>\n

The MIM stablecoin trades at a 6% discount as the team attempts to contact the hacker via onchain message.<\/p>\n

\n

DeFi lending protocol Abracadabra<\/a> has been exploited to the tune of $6.5M.<\/p>\n

According to the team, the attacker targeted<\/a> specific V3 and V4 cauldrons on Ethereum to take out unauthorized MIM loans. The borrowed MIM was then swapped for ETH, according to security firm Peckshield, which first flagged<\/a> the exploit.<\/p>\n

Borrowing limits on the affected cauldrons have been set to zero to prevent further losses. The Abracadabra team has sent an onchain message<\/a> to the exploiter\u2019s address in the hope of recovering the stolen assets in exchange for a bounty.<\/p>\n

Message sent to the exploiter<\/figcaption><\/figure>\n

Abracadabra is a collateralized debt protocol that allows users to borrow MIM, its native stablecoin, against various crypto assets. Its cauldrons operate similarly to Maker\u2019s vaults.<\/p>\n

<\/p>\n

\"MIM
MIM Price<\/figcaption><\/figure>\n

<\/a><\/p>\n

With MIM trading well under its $1 peg, the team has committed<\/a> to deploying the protocol\u2019s treasury to buy and burn the stablecoin in a bid to restore its peg. MIM has a market capitalization of around $55M.<\/p>\n

Abracadabra is working with blockchain analytics firm Chainalysis to track the flow of the stolen assets.<\/p>\n

This is a developing story.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

The MIM stablecoin trades at a 6% discount as the team attempts to contact the hacker via onchain message. DeFi lending protocol Abracadabra has been exploited to the tune of $6.5M. According to the team, the attacker targeted specific V3 and V4 cauldrons on Ethereum to take out unauthorized MIM loans. The borrowed MIM was […]<\/p>\n","protected":false},"author":2,"featured_media":238498,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[274,273,272,244,266,271,268,270,269,267],"class_list":["post-238497","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-de-fi","tag-crypto-finance","tag-decentralized-finance","tag-liquidity","tag-metamask","tag-pancake","tag-slippage","tag-sushiswap","tag-tronlink","tag-trust-wallet","tag-uniswap"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/238497","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=238497"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/238497\/revisions"}],"predecessor-version":[{"id":238500,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/238497\/revisions\/238500"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/238498"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=238497"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=238497"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=238497"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}