Abracadabra has restored 50% of its loss after suffering $13m hack

Abracadabra Finance claims that it bought 6.5 million MIM, 50% of the total loss it suffered in the recent feat of $ 13 million.

In a blog published in the aftermath of hackThe protocol confirmed that user funds were not affected by the attack and that the team strives to restore the stolen crypto that it had lost in the feat by acquiring magic internet or mim money, the USD-PEGED stable which underpins the Abracadabra ecosystem.

According to the press release, the protocol allocated a piece of its cash reserves to buy MIM from traffic in the hope of reducing the distortion of the offer.

“The Treasury Dao, which currently contains about $ 19 million in assets, has already acquired 6.5 million MIM and reimbursed 50% of the total loss, the rest being absorbed by our treasure in the coming months,” wrote the Abracadabra team.

In addition, he plans to continue to support his MIM PEG, who managed to keep throughout the crisis, plunging only slightly below the $ 1.00 bar. At the time of the press, Ethereum (EthnThe stablecoin based on) fell 0.5%. MIM is currently negotiated at $ 0.9,946 according to data de Coingecko.

Abracadabra Finances Post-hack plan

In the blog post, the protocol has also unveiled its plans for the coming months in order to bounce back after the hack. Aside from the above -mentioned tokens’ detention and correction plan, the protocol also provides extensions in the Berachain (He) and the ecosystems of the Nibiru chain.

In addition, the Abracadabradao revealed that he was also preparing to incubate a new Dex project called Purrswap. The project will be deployed on the Hyperevm and Abracadabra channel will provide funding, resources and advice for the project.

Regarding the withdrawal of stolen funds, Abracadabra said that he collaborated with Chain-analysis To recover them. So far, chain surveys have revealed that the 6,000 ETH trove is currently stored in three different cryptographic addresses.

The protocol said that he was also ready to negotiate with the pirate to conclude an agreement that would make its funds stolen.

As indicated above by Crypto.News, Abracadabra Finance confirmed He underwent a malicious hack which resulted in about $ 13 million in losses. The feat targeted its gmcauldron smart contractsIn particular the integration between the decentralized GMX exchange and the abracadabra loan contracts.