Cybernews reports that widely known decentralized finance platform Abracadabra.money had nearly $1.7 million worth of Magic Internet Money stablecoin exfiltrated from its token pools over the weekend.
Adverse impact from the incident, which stemmed from a vulnerability in the cook function's implementation logic, has already been mitigated by the Abracadabra decentralized autonomous organization through the purchase of MIM worth the stolen amount from the market. Investigation into the intrusion is still ongoing but Abracadabra emphasized that none of its users' funds had been affected.
"Cauldron borrowing is currently disabled as we review the current codebase for the future upcoming deployments," said Abracadabra. Such a development comes after Abracadabra was reported to have lost nearly $13 million worth of Ethereum in a crypto heist in March. Almost $6 million worth of tokens have also been pilfered from Abracadabra in a January 2024 attack.
Adverse impact from the incident, which stemmed from a vulnerability in the cook function's implementation logic, has already been mitigated by the Abracadabra decentralized autonomous organization through the purchase of MIM worth the stolen amount from the market. Investigation into the intrusion is still ongoing but Abracadabra emphasized that none of its users' funds had been affected.
"Cauldron borrowing is currently disabled as we review the current codebase for the future upcoming deployments," said Abracadabra. Such a development comes after Abracadabra was reported to have lost nearly $13 million worth of Ethereum in a crypto heist in March. Almost $6 million worth of tokens have also been pilfered from Abracadabra in a January 2024 attack.
