{"id":160953,"date":"2024-01-30T16:26:25","date_gmt":"2024-01-30T16:26:25","guid":{"rendered":"https:\/\/crypto-economy.com\/?p=160953"},"modified":"2024-01-30T16:48:29","modified_gmt":"2024-01-30T16:48:29","slug":"abracadabra-money-shattered-6-5-million-stolen","status":"publish","type":"post","link":"https:\/\/crypto-economy.com\/abracadabra-money-shattered-6-5-million-stolen\/","title":{"rendered":"Abracadabra Money Shattered! $6.5 Million Stolen in Shocking DeFi Exploit"},"content":{"rendered":"
TL;DR<\/span><\/span><\/p>\n Abracadabra Money, Daniele Sestagalli’s <\/span><\/span><\/strong>DeFi<\/span><\/span><\/strong> platform<\/span>, <\/span><\/span>suffers attack: $6.5M lost, mainly 2.74K ETH<\/span><\/span><\/strong>, started with 1 ETH since <\/span><\/span>Tornado Cash.<\/span><\/span><\/strong><\/p>\n<\/li>\n <\/span><\/span><\/strong><\/li>\n @MIM_Spell confirms active investigation.<\/span><\/span><\/strong> Action plan: <\/span><\/span>buy back MIM <\/span><\/span><\/strong> and burn units from the DAO<\/span><\/span><\/strong>.<\/span><\/span><\/p>\n<\/li>\n<\/ul>\n In a <\/span><\/span>significant blow to the <\/span><\/span><\/strong>DeFi<\/span><\/span><\/a><\/strong> (Decentralized Finance) <\/span>lending platform, <\/span><\/span>Abracadabra Money,<\/span><\/span><\/strong> created by <\/span><\/span>Daniele Sestagalli,<\/span><\/span><\/strong> has been hit by a <\/span><\/span>massive security attack.<\/span><\/span><\/strong><\/p>\n <\/p>\n The platform, known for <\/span><\/span>its Ethereum-based<\/a> non-custodial stablecoin protocol<\/span><\/span><\/strong>, has experienced <\/span><\/span>the loss of millions of dollars in crypto assets.<\/span><\/span><\/strong><\/p>\n The attack, <\/span><\/span>detected by two blockchain security firms on January 30<\/span><\/span><\/strong>, involved <\/span><\/span>multiple suspicious transactions<\/span><\/span><\/strong> related to the <\/span>platform’s <\/span><\/span>native stablecoin, <\/span><\/span><\/strong>Magic Internet Money (MIM).<\/span><\/span><\/strong><\/p>\n According to reports from <\/span><\/span>Cyvers<\/span><\/span><\/strong> and <\/span><\/span>PeckShield,<\/span><\/span><\/strong> the total loss amounts to approximately <\/span><\/span>$6.5 million,<\/span><\/span><\/strong> mostly made up of <\/span><\/span>2.74 thousand Ether (ETH).<\/span><\/span><\/strong><\/p>\n The initial loss for @MIM_Spell<\/a> is ~$6.5M, comprising 2.74K $ETH<\/a>. — PeckShield Inc. (@peckshield) January 30, 2024<\/a><\/p><\/blockquote>\n\n
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The exploiter initially funded the attack with 1 $ETH<\/a> from #TornadoCash<\/a>. pic.twitter.com\/lPENOLZA2I<\/a><\/p>\n