The MIM stablecoin trades at a 6% low cost because the workforce makes an attempt to contact the hacker by way of onchain message.
DeFi lending protocol Abracadabra has been exploited to the tune of $6.5M.
In keeping with the workforce, the attacker focused particular V3 and V4 cauldrons on Ethereum to take out unauthorized MIM loans. The borrowed MIM was then swapped for ETH, in accordance with safety agency Peckshield, which first flagged the exploit.
Borrowing limits on the affected cauldrons have been set to zero to forestall additional losses. The Abracadabra workforce has despatched an onchain message to the exploiter’s tackle within the hope of recovering the stolen belongings in trade for a bounty.
Abracadabra is a collateralized debt protocol that enables customers to borrow MIM, its native stablecoin, in opposition to numerous crypto belongings. Its cauldrons function equally to Maker’s vaults.
With MIM buying and selling effectively underneath its $1 peg, the workforce has dedicated to deploying the protocol’s treasury to purchase and burn the stablecoin in a bid to revive its peg. MIM has a market capitalization of round $55M.
Abracadabra is working with blockchain analytics agency Chainalysis to trace the movement of the stolen belongings.
It is a creating story.
