Abracadabra Finance Hit By Exploit, $6.4M Drained and MIM Stablecoin Depegs
DeFi protocol Abracadabra Finance fell sufferer to a big safety assault, ensuing within the lack of over $6.4 million in crypto belongings, based on Blocksec and Peckshield.
Abracadabra Finance is a DeFi lending and borrowing platform that enables customers to deposit numerous cryptocurrencies as collateral to borrow the MIM stablecoin. The assault brought about MIM to briefly depeg to a low of $0.77 earlier than recovering to $0.98, based on CoinMarketCap information.
Blocksec’s chief know-how officer, Lei Wu, defined that the basis explanation for the assault was a rounding situation resulting in precision loss. This enabled the attacker to use the sensible contract and drain the protocol’s funds. On the time of writing, over $29 million in belongings remained within the affected contract. The attacker funded the assault with 1 ETH by mixing protocol Twister Money.
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