abracadabra

Abracadabra Finance announced that it has recognized the depegging issue of the MIM stablecoin and is taking emergency measures. Starting today, it will gradually increase the interest rates of all Cauldrons (including deprecated markets) to encourage debt repayment and reduce the circulating supply of MIM. The current depegging provides borrowers with a natural incentive to repay their debts at a discount, which helps accelerate supply contraction. Direct incentives and Curve bribes will be suspended until MIM regains its peg. The team stated that it is evaluating additional recovery plans and will announce them in a timely manner.Data shows that MIM is currently priced at $0.5027, with a 24-hour decline of 36.65%.

ChainCatcher news, according to GoPlus monitoring, the lending and stablecoin platform Abracadabra is suspected to have been attacked again, with losses of approximately 1.77 million USD.After completing the attack, the attacker transferred 51 ETH to Tornado Cash. Currently, the attacker's address still holds 344 ETH (approximately 1.55 million USD) that has not been moved. The team subsequently responded in the Discord community, stating that they would use DAO reserve funds to buy back the affected MIM.

ChainCatcher message, according to @officer_cia monitoring, the DeFi protocol Abracadabra has been hacked, resulting in a loss of approximately 1.7 million dollars. The attacker has transferred all stolen funds to Tornado Cash.

ChainCatcher news, according to PeckShield monitoring, the Abracadabra attacker transferred 3000 ETH to Tornado Cash, worth approximately 7.6 million USD.

ChainCatcher news, MIM issuer Abracadabra founder Daniele announced the launch of an on-chain data analysis Chrome browser plugin HUD this week. This tool supports the Solana blockchain, and in v1 it supports: Axiom, GMGN, Photo, and pump.fun. The HUD has two core components, on-chain coverage and technical analysis coverage, which will dynamically display who is buying, holding, and where tokens are being sold, along with the built-in AI assistant Gemma.

ChainCatcher news, MIM Spell posted on platform X stating that a vulnerability previously allowed hackers to steal 13 million dollars, and within 36 hours, Abracadabra has repurchased 6.5 million dollars of MIM and covered 50% of the hacker attack losses, with zero loss of user funds.Abracadabra will not back down and is currently expanding through platforms like Berachain to rebuild the system.

ChainCatcher news, GMX officially stated that security research institutions such as PeckShield and other blockchain security experts have discovered vulnerabilities in the funds pools (cauldrons) using GM tokens in Abracadabra/Spell that have been exploited.GMX has made it clear that the GMX smart contracts are unaffected and are operating normally; the issue is only related to the funds pools of Abracadabra/Spell. These funds pools allow users to use specific GM liquidity tokens as collateral for borrowing. Currently, Spell, the GMX team, and security researchers are investigating the cause of the issue.ChainCatcher previously reported that the blockchain security company PeckShield released the latest data, showing that the losses from the GMX and MIM Spell security vulnerability incident have increased to approximately 6260 ETH, equivalent to about 13 million USD at current market prices.

ChainCatcher news, according to official sources, the DeFi protocol Abracadabra.Money (MIM_Spell) has announced the launch of MIMSwap, with LP, staking, and locking features now available on its front end.

ChainCatcher message, according to monitoring by Shield, the address marked as the attacker of Abracadabra.Money has transferred approximately 200 ETH (about $803,000) to Tornado Cash.

ChainCatcher news, according to monitoring by Shield, the attacker address of Abracadabra.Money has transferred 200 ETH (approximately 700,000 USD) to Tornado Cash.

ChainCatcher message, PeckShield monitoring shows that the address marked as the Abracadabra Money attacker has transferred 200 ETH (621,577.64 USD) to Tornado Cash.

ChainCatcher message, the DeFi protocol Abracadabra Money (MIM_Spell), which was previously hacked, stated on the X platform that it is willing to coordinate directly with the hacker and offer a fair bug bounty in exchange for the return of the stolen funds. Abracadabra Money expressed its willingness to wait for any communication from the hacker until 16:00 Central European Time on February 5 (Monday), after which further escalation actions will be taken.

ChainCatcher news, DeFi protocol Abracadabra.Money (MIM_Spell) has stated that it is aware of a protocol vulnerability issue, and the engineering team is investigating. The DAO treasury will repurchase MIM from the market and then burn it.According to previous reports, PeckShield monitored that the DeFi protocol Abracadabra.Money (MIM_Spell) was attacked by hackers, resulting in a loss of 6.49 million dollars.

ChainCatcher news, according to The Data Nerd monitoring, DWF Labs received 1.32 billion SPELL tokens (worth approximately $544,000) from the Abracadabra team 4 hours ago.Earlier news, on September 19, DWF Labs received 3.3 billion SPELL (approximately $1.57 million) from the Abracadabra.Money: MIM Treasury Wallet and deposited it into Binance within a few hours.

ChainCatcher news, the issuer of the algorithmic stablecoin MIM, Abracadabra founder Daniele Sestagalli, has restarted the project "WAGMI" and stated that the Popsicle Finance token ICE can now be exchanged for WAGMI tokens. Daniele Sestagalli tweeted that the WAGMI project and its tokenomics will be the best design he has ever created.

ChainCatcher message, Abracadabra Money has approved the AIP28 proposal on September 14, selecting DWF Labs as the DAO market maker.The main content of the AIP 28 proposal is: DWF Labs requests a token loan of 4.62 billion SPELL (worth $1.8 million) and to purchase $1 million worth of SPELL at a 15% discount (locked for 24 months, sourced from future SPELL release budget) to enhance SPELL liquidity. The proposal started voting in the Abracadabra Money community on September 2 and has now concluded.

ChainCatcher news, according to Lookonchain monitoring, DWF Labs has just received 3.3 million SPELL (approximately 1.57 million USD) from Abracadabra.Money: MIM Treasury Wallet.

ChainCatcher message, the Snapshot voting page shows that the issuer of the algorithmic stablecoin MIM, the Abracadabra community, is voting on the proposal for "further revision of interest rates." This proposal is a revised version of the "adjustment of CRV cauldrons interest rates" proposal, and the voting will end on August 6.The revised proposal was put forward by Abracadabra whale masterofdisaster.eth, who previously voted against the initial proposal with 10 billion SPELL, accounting for nearly 100% of all opposing votes. He stated, "I believe that the completed repayments and the potential increase in CRV liquidity require a change to the proposed interest increase. Therefore, I voted against the previous proposal and proposed new terms."It is reported that compared to the original proposal, the new proposal modifies the scope of the unpaid principal and the corresponding base interest rate, with the proposed base interest rate being lower than before. The interest rate multiplier has been replaced by the range of interest rate changes and the ability to affect the overall base interest rate.

ChainCatcher news, the proposal from the Abracadabra community, the issuer of the algorithmic stablecoin MIM, regarding "interest rate adjustments for CRV cauldrons" has not passed, with a support rate of only 27.74%. Among them, the whale masterofdisaster.eth cast 10 billion SPELL votes against the proposal, accounting for almost 100% of all opposing votes.Previously reported, the proposal aimed at addressing the significant CRV risk exposure currently faced by the protocol, suggesting the application of a collateral-based interest rate to the two CRV cauldrons. As a result, the interest rate for CRV collateral would include a benchmark interest rate, which depends on the sum of the outstanding principal of the two CRV cauldrons. The actual interest rate would be generated by combining the benchmark interest rate and the interest rate multiplier. The interest rate multiplier would depend on the collateral ratio of the cauldrons.