Over $110,000 in $MIM stolen, Abracadabra's 0xM3rlin explains how w/ spreekaway DeFi scam
Then, once the oracles system was self-updated, the deposit was"auto-liquidated": the attacker grabbed the profits from the oracle imbalance.
In total, the losses eclipsed $110,000 in equivalent; the malefactors withdrew it in MIM stablecoins.Anonymous Ethereum developer 0xMerlin , one of the key figureheads in the Abracadabra DeFi ecosystem, admitted that one of the backend elements of his protocol was not operating. In the next releases, he stressed, the system will use advanced oracles design, including tooling by Gelato Network, in parallel with Chainlink .Also, the same address tried to attack Kashi lending pools but was frontrun by bots. The frontrunners managed to grab over $9,400 in USD Coins .
It should also be noted that the price of Magic Internet Money briefly lost its peg yesterday, Nov. 8, 2022. It plunged below $0.96. This was the largest price drop of MIM in the last year. Meanwhile, by press time, the token almost recovered from the depegging and is now changing hands at $0.9965 on major exchanges.
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