{"id":10257,"date":"2024-01-30T15:13:01","date_gmt":"2024-01-30T13:13:01","guid":{"rendered":"https:\/\/forklog.com\/en\/abracadabra-project-loses-6-5-million-in-exploit\/"},"modified":"2024-01-30T15:13:01","modified_gmt":"2024-01-30T13:13:01","slug":"abracadabra-project-loses-6-5-million-in-exploit","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/abracadabra-project-loses-6-5-million-in-exploit\/","title":{"rendered":"Abracadabra Project Loses $6.5 Million in Exploit"},"content":{"rendered":"<p>The DeFi protocol Abracadabra Finance has suffered an exploit resulting in losses of approximately $6.5 million, according to experts from PeckShield.<\/p>\n<blockquote class=\"twitter-tweet\" data-lang=\"en\">\n<p lang=\"en\" dir=\"ltr\">Hi <a href=\"https:\/\/twitter.com\/MIM_Spell?ref_src=twsrc%5Etfw\">@MIM_Spell<\/a>, you may want to take a look (w\/ $6.49M Loss) <a href=\"https:\/\/t.co\/uHs0JweuoM\">pic.twitter.com\/uHs0JweuoM<\/a><\/p>\n<p>\u2014 PeckShield Inc. (@peckshield) <a href=\"https:\/\/twitter.com\/peckshield\/status\/1752279373779194011?ref_src=twsrc%5Etfw\">January 30, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Specialists from Blocksec confirmed the project&#8217;s loss of &#8220;millions of dollars.&#8221; They noted the attacks are ongoing and urged protocol users to withdraw their assets as soon as possible.<\/p>\n<blockquote class=\"twitter-tweet\" data-lang=\"en\">\n<p lang=\"en\" dir=\"ltr\">Immediate action is necessary! Users should withdraw their assets ASAP! <a href=\"https:\/\/t.co\/boorxklyfO\">https:\/\/t.co\/boorxklyfO<\/a><\/p>\n<p>\u2014 BlockSec (@BlockSecTeam) <a href=\"https:\/\/twitter.com\/BlockSecTeam\/status\/1752279348541841578?ref_src=twsrc%5Etfw\">January 30, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The Abracadabra team responded to the incident, stating that the exploit involved &#8220;several&#8221; Ethereum pools, or &#8220;cauldrons,&#8221; as they are referred to in the project.<\/p>\n<p>The dollar-pegged stablecoin Magic Internet Money (MIM) temporarily plummeted by nearly 16%.<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"519\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/Magic-Internet-Money-Price-MIM-Live-Price-Chart-News-CoinGecko-Google-Chrome-1024x519.jpg\" alt=\"Magic-Internet-Money-Price-MIM-Live-Price-Chart-News-CoinGecko-Google-Chrome\" class=\"wp-image-225020\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/Magic-Internet-Money-Price-MIM-Live-Price-Chart-News-CoinGecko-Google-Chrome-1024x519.jpg 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/Magic-Internet-Money-Price-MIM-Live-Price-Chart-News-CoinGecko-Google-Chrome-300x152.jpg 300w, https:\/\/u1f987.com\/wp-content\/uploads\/Magic-Internet-Money-Price-MIM-Live-Price-Chart-News-CoinGecko-Google-Chrome-768x389.jpg 768w, https:\/\/u1f987.com\/wp-content\/uploads\/Magic-Internet-Money-Price-MIM-Live-Price-Chart-News-CoinGecko-Google-Chrome.jpg 1286w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Data: <a href=\"https:\/\/www.coingecko.com\/en\/coins\/magic-internet-money\">CoinGecko<\/a>.<\/figcaption><\/figure>\n<p>Following the project&#8217;s announcement of the DAO treasury&#8217;s intent to repurchase and burn MIM to restore its peg, the asset&#8217;s price nearly returned to its nominal value.<\/p>\n<blockquote class=\"twitter-tweet\" data-lang=\"en\">\n<p lang=\"en\" dir=\"ltr\">We are aware of an exploit involving certain cauldrons on Ethereum.<\/p>\n<p>Our engineering team is triaging and investigating the situation.<\/p>\n<p>To the best of its Ability, the DAO treasury will be buying back MIM from the market to then burn.<\/p>\n<p>More updates are coming.<\/p>\n<p>\u2014 ??\u200d\u2642\ufe0f (@MIM_Spell) <a href=\"https:\/\/twitter.com\/MIM_Spell\/status\/1752286636740579440?ref_src=twsrc%5Etfw\">January 30, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The native token SPELL&#8217;s price remained unaffected by the incident, rising by 0.1% over the day, according to <a href=\"https:\/\/www.coingecko.com\/en\/coins\/spell-token\">CoinGecko<\/a>.<\/p>\n<p>Blocksec informed <a href=\"https:\/\/www.theblock.co\/post\/275072\/abracadabra-finance-drained-of-estimated-6-4-million-in-apparent-security-attack\">The Block<\/a> that preliminary analysis suggests an attack on the project&#8217;s smart contract. The firm estimated that assets worth approximately $29 million remained at risk at the time of their comment.<\/p>\n<p>According to <a href=\"https:\/\/defillama.com\/protocol\/abracadabra\">DeFi Llama<\/a>, the total value locked in the protocol is nearly $160 million.<\/p>\n<p>In 2023, the crypto industry lost $2.61 billion due to hacks and fraud, according to PeckShield.<\/p>\n<p>Experts from Immunefi reported a lower loss of $1.8 billion.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The DeFi protocol Abracadabra Finance has suffered an exploit resulting in losses of approximately $6.5 million, according to experts from PeckShield. Hi @MIM_Spell, you may want to take a look (w\/ $6.49M Loss) pic.twitter.com\/uHs0JweuoM \u2014 PeckShield Inc. (@peckshield) January 30, 2024 Specialists from Blocksec confirmed the project&#8217;s loss of &#8220;millions of dollars.&#8221; They noted the [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":10256,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[44,1093],"class_list":["post-10257","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-cybercrime","tag-defi"],"aioseo_notices":[],"amp_enabled":true,"views":"22","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/10257","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=10257"}],"version-history":[{"count":0,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/10257\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/10256"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=10257"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=10257"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=10257"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}