The DeFi protocol Abracadabra Finance suffered a significant cyber attack, resulting in the loss of nearly $1.79 million worth of MIM tokens. The incident was identified by security firms BlockSec Phalcon and Go Security and highlights ongoing vulnerabilities within the Decentralized Finance (DeFi) sector. 💰 MIM token swaps on Ethereum showcase the attack’s efficiency. 📈 🛡️ 🔒 While Abracadabra’s community is actively discussing measures to mitigate the situation, the incident has affected the protocol’s Total Value Locked (TVL), now at $154 million, and its contracts remain paused to prevent further losses. 🚧 The market responded with caution regarding MIM token values, while the community pushes for greater transparency and security audits in order to prevent similar breaches from occurring again. The incident underscores the persistent need for improved security protocols within DeFi.