Abracadabra Finance Hit By $6.4M Exploit, MIM Stablecoin Loses Dollar Peg

DeFi protocol Abracadabra Finance has been hit by a security attack, resulting in the loss of over $6.4 million. Security analysts believe the attack was malicious and targeted the project's smart contract. The incident caused Abracadabra's MIM stablecoin to briefly lose its dollar peg, briefly dropping below $0.7 before recovering to $0.96.