The cryptocurrency sector experienced significant security challenges over the past year, with blockchain forensic firm PeckShield reporting over 600 hack incidents. A notable incident involved the cross-chain protocol Abracadabra, which was exploited, leading to the loss of approximately $6.5 million. The exploit caused the Magic Internet Money (MIM) stablecoin to depeg from the U.S. dollar, dropping as low as $0.76 before recovering to $0.96. PeckShield's Crypto Security Annual Report highlighted that about 25% of the $2.6 billion stolen in major crypto hacks last year has been recovered. January has been particularly rough for DeFi platforms, with over $130 million lost to exploits, including the recent attack on Abracadabra's MIM, where attackers initially funded with 1 $ETH from TornadoCash caused losses of 2.74K $ETH, estimated around $10M.
Defi protocol @MIM_Spell was exploited on Jan 30, for over 💰$6.5m, in what appears to be a result of an exploitation of a rounding error. In total, @MIM_Spell lost 2.74K $ETH in the attack which was initially funded with 1 $ETH from #TornadoCash. 😈Hack Txn:… https://t.co/8i5Y2vEyY5
Today in DeFi Hacks ⚠️ -MIM Exploited for 7M Updates 📰 -Magic Eden Wallet Upcoming⌛️ -Aura Tokenomics Proposal Premium 💰 -Boosted Leveraged Farming and more.... https://t.co/3c9DLBu7RG
Peckshield Report Reveals Decline in Crypto Losses Despite Persistent Threats in 2023 https://t.co/2cWO78SdB6
The Magic Internet Money (MIM) stablecoin lost its U.S. dollar-peg after an exploit on cross-chain protocol Abracadabra's cauldrons on Ethereum. @tikta_ reports https://t.co/mmTf90ey5v
Abracadabra exploited for almost $6.5 million, Magic Internet Money stablecoin depegs January 30, 2024 https://t.co/90oj48ZBp3 https://t.co/VPTvCo9qOy
Nearly $50 million was stolen from web3 platforms in the year’s first month as crypto remains engaged in a cyber war with hackers and scammers https://t.co/JBwJzBRT66
January is set to be rough for DeFi, with over $130 million lost to exploits including Abracadabra’s MIM today https://t.co/5BR0bcpd6C
ICYMI: Abracadabra Finance drained of estimated $6.4 million in apparent security attack https://t.co/D9E5yRqo9T
Magic Internet Money loses its sparkle as DeFi platform hacked for $6.5M https://t.co/tsbnE5Ijzq
JUST IN After suffering a $6.5M exploit earlier today, DeFi lending protocol @MIM_Spell has sent an onchain message to the attacker. Abracadabra is willing to offer a bounty if the stolen assets are returned. Read more: https://t.co/se57vuBrma https://t.co/yvVHSNG32g
[MIM attack root cause analysis] @MIM_Spell based on this tx 0x26a83db7e28838dd9fee6fb7314ae58dcc6aee9a20bf224c386ff5e80f7e4cf2 Ref: https://t.co/aLV44vSN7v
$675 Million Recovered From $2.6 Billion Stolen in 2023 Crypto Hacks: PeckShield ► https://t.co/QfYtff42xq https://t.co/QfYtff42xq
6.4 Million Dollars of Assets were Stolen as a Result of the Attack on Abracadabra Finance https://t.co/xuKBK6jhrk
The @MIM_Spell stablecoin has lost $6.5 million in an exploit that caused the token to lose its peg and trade down to $0.76. It has since recovered to $0.96. Reporting by @oknightcrypto https://t.co/vvO7ptrF00
The ongoing abracadabra exploit seems to have caused the biggest MIM depeg since its inception. Unfortunately there already was a lot of bad debt in the platform ... this may be the nail in the coffin. https://t.co/Y67gYNeAQN
Abracadabra Finance drained of estimated $6.4 million in apparent security attack https://t.co/fbOKIYVW55
MIM being exploited https://t.co/zLDRPpHgsM
🚨 @MIM_Spell was exploited for over $6.5M. Stay alert!
🚨SlowMist Security Alert🚨 We detected potential suspicious activity related to @MIM_Spell. Stay vigilant! https://t.co/v76V2GdnNi
❗️@MIM_Spell was exploited! The total loss is about $6.5M! 👇More details will be posted below...
*ABRACADABRA FINANCE APPEARS TO HAVE BEEN DRAINED FOR $6.4 MILLION: PECKSHIELD - THE BLOCK PRO
🚨ALERT🚨Our AI powered system has detected multiple suspicious transactions with @MIM_Spell (Ongoing) Based on our first investigation, attacker was able to gain around $10M. Attacker was funded by @TornadoCash. Around $4M already transferred to a new EOA at… https://t.co/0UVBIU4nsn
Mim degenbox exploited! Losses almost $7m. Addresses: • https://t.co/pODPe9vQd4 • https://t.co/F3MJTO3ITv Another proof by @peckshield ⬇️ https://t.co/FrN3pI6a5J
$MIM being exploited right now, remove approvals asap if you've interacted with it.
ALERT! Our system has detected ongoing attacks on https://t.co/N0VQ5d1UzQ of @MIM_Spell, with losses amounting to millions of dollars. Please take actions ASAP! As there is no direct method available to contact the respective project, please reach out to us if you have any… https://t.co/b5K5NLCjgS
yo the fuck is going on with $mim right now?
Around 25% of the $2.6 billion stolen in over 600 major crypto hacks last year has been recovered, according to PeckShield’s Crypto Security Annual Report. @tikta_ reports https://t.co/xvZe4wzRVA
🕵️♂️ Griefing attacks exploit vulnerabilities in smart contracts, targeting flaws in business logic and causing detrimental effects on the system's operation without yielding direct profits for attackers. 🛡️ To safeguard against such threats, #EtherAuthority conducts thorough… https://t.co/uhUvXppqW2
Analysts at blockchain forensic firm PeckShield say the crypto industry witnessed over 600 hack incidents over the past year https://t.co/KEaeJ5OYx5