Abracadabra Platform Suffers Major MIM Token Exploit, Highlights DeFi Security Concerns

A significant security breach has surfaced at the Abracadabra DeFi lending platform, resulting in a theft of approximately $1.8 million worth of its Magic Internet Money (MIM) stablecoin. This incident, highlighting ongoing vulnerabilities within decentralized finance (DeFi), underscores the need for robust security measures across the ecosystem. The exploit stemmed from a flaw in the platform’s ‘cook’ function, allowing unauthorized MIM token creation exceeding the limits of the system.