by: xpoolPosted on:

Abracadabra DeFi Platform Hit by $1.8 Million Hack, Fueling Security Concerns

A recent cyberattack on the Abracadabra DeFi lending platform has shaken confidence in decentralized finance (DeFi). The attack resulted in a theft of $1.8 million worth of stablecoin, Magic Internet Money (MIM), highlighting vulnerabilities within the sector. Experts believe that the breach, caused by exploiting a flaw in the platform’s ‘cook’ function, could have wider implications for the future of DeFi.

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