Abracadabra Money Suffers $1.8 Million DeFi Hack: Third Major Exploit in Two Years

Abracadabra Money, a decentralized finance (DeFi) lending protocol, has experienced its third major security breach within the past two years, resulting in a loss of approximately $1.7–$1.8 million. The exploit specifically targeted Magic Internet Money (MIM), a stablecoin used by the platform. This incident underscores ongoing vulnerabilities within DeFi and raises concerns about investor trust and regulatory action.