securetyalert

🚨 DeFi Breach: Abracadabra Loses $1.8M in Magic Internet Money (MIM) Exploit! 🧙‍♂️💸
Another spell gone wrong in DeFi land — Abracadabra, the protocol behind the Magic Internet Money (MIM) stablecoin, has fallen victim to a $1.8 million exploit.
🔍 According to security firm BlockSec Phalcon, an attacker discovered a smart contract flaw late Saturday, bypassing solvency checks and draining 1.79M MIM from the protocol. The attacker funded the operation via Tornado Cash (TORN), swapped the stolen tokens for ETH, and sent them back to the mixer — covering their tracks like a true DeFi phantom.
🧩 Fortunately, DAO contributor 0xMerlin confirmed that no user funds were affected. The Abracadabra team has mitigated the issue and repurchased the affected MIM using DAO treasury funds.
📉 The protocol, with a TVL of $154M, has now endured three major hacks since 2024 — losing over $21M in total due to smart contract vulnerabilities.
⚙️ The team says it’s reviewing internal processes to fortify its contracts and rebuild user trust.
💬 “Even in DeFi magic, security spells must never fail.”
DYOR No Financial advice!
#ETH #TornadoCash #Abracadabra #Cryptonews #Securetyalert
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