Abracadabra Money Team, This allows users to access liquidity and participate in other investment opportunities without liquidating their original assets. It said that the threat actor exploited a security vulnerability in some deprecated cauldrons, or Abracadabra's token pools, on the Ethereum (ETH) mainnet and managed to mint 1. The team looks forward to being able to focus on moving the protocol forward and is excited to share upcoming plans. money is a omnichain DeFi lending platform that works its magic by utilizing interest-bearing. According to Discover & grow your community with data-powered Discord analytics. but not the updated site as of yesterday. Abracadabra also offers staking strategies, which Simply put, Abracadabra is a lending platform that utilizes their own pegged stable coin, Magic Internet Money (MIM), as well as SPELL and sSPELL tokens. Money earned is in the form of Magic Interest Money (MIM) tokens which are stable coins pegged to the US dollar. r/AbracadabraMoney quick query - i've logged into abracadabra today to check on my unwrapped memo total. Decentralized finance protocol Abracadabra Finance has suffered a major exploit discovered earlier today, leading to a loss of approximately $6. Sounds dangerous. For multiple reason, Daniele is no longer an active member of Abracadabra. Abracadabra Money is a lending platform that uses interest-bearing tokens (ibTKNs) as collateral to borrow a USD-linked stablecoin (Magic Internet Money – MIM), which can be used like any other traditional stablecoin. (The option I chose was $7-$10 but anyways) I never received MIM in return. Investors Abracadabra Money has no Token Sale, so there is no investor DeFi protocol Abracadabra Money lost approximately $1. money is a funded company based in Switzerland, founded in 2021 by Squirrel and Daniele Sestagalli. 💡Idea Discussions RickyRich May 10, 2024, 3:41am 1 Does Anyone have any information on anything going on with the team? abracadabra or spell I would appreciate a road map or any direction this token is going in Im currently enjoying staking my spell on the website but I feel as if nobody really knows about spell BrabDdy June 2 The official response from Abracadabra Money came through a statement on its account @MIM_Spell The team confirmed the existence of the exploit and announced that they are actively investigating the situation. money team built a zap that can conduct all these loops in one action, to help save you on ETH gas fees. Abracadabra Money has been hacked of $6. 5 million, including 1800 ETH and 2. money is a lending platform that seeks utility in these idle tokens as collateral by providing users access to US dollar-pegged stablecoins. money is a Omnichain DeFi lending platform that works its magic by utilizing interest-bearing tokens as collateral to mint Magic Internet Money, a USD-Denominated stablecoin. Voila, leveraged yield farming. The attacker transferred the stolen funds to Tornado Cash to hide the trail. Tokenomics MIM operates as a stablecoin with its value pegged to the USD, aiming to maintain a consistent 1:1 ratio. Abracadabra Money, a cross-chain lending platform, has confirmed a $6. Another day, another DeFi protocol exploited. The attack is the third major hack Abracadabra. money’s SPELL token and magic internet money (MIM), a crypto-collateralized stablecoin that can be minted on several blockchain protocols. Abracadabra. Consider Frog Nation - Wonderland, Popsicle, and Abracadabra as related - that means 5 out of 6 votes are centralised. Here's what to know. Today, DeFi platform Abracadabra. money is a protocol that allows users to mint MIM (Magic Internet Money) stablecoin by depositing yield-bearing assets as collateral. 8 million worth of DeFi lending protocol Abracadabra’s decentralized stablecoin Magic Internet Money. MONEY (SPELL) rating N/A, DeFi details, whitepaper, token price, DeFi rating, reviews, team, roadmap - MAKE YOUR INTEREST BEARING ASSETS LIQUID. The project stands out w Abracadabra Money repays over 50% of the $13M stolen in a recent exploit, with its DAO treasury covering 6. When we say multi-chain, this is really where Abracadabra Money shines. ABRACADABRA. The founder's identity is unknown as well as their net worth. The project team is planning to buy back MIM from the market and burn. Check out the Abracadabra money community on Discord - hang out with 27117 other members and enjoy free voice and text chat. GMX denied responsibility, saying its smart contracts were unaffected by the hack. Central to the Abracadabra Money ecosystem is the Magic Internet Money (MIM) stablecoin. Abracadabra unlocks the capital of interest bearing assets, allowing users to take on USD-denominated loans while their collateral keeps earning yield. Abracadabra’s team, known as MIM Spell, swiftly confirmed the exploit and disabled borrowing from the affected cauldrons. The attacker exploited the contract’s inability to Abracadabra. Abracadabra Abracadabra. This time it’s Abracadabra. Abracadabra Money lost $1. 79 million Abracadabra. Use your favourite assets as collateral to borrow Magic Internet Money, a leading decentralised and collateral-backed stablecoin. It operates as a Blockchain-based crypto-focused lending protocol. 8M in October 2025 due to a state management vulnerability. money was first announced on May 5, 2021 as a MakerDAO-esque solution for Yearn interest-bearing tokens (ibTKN) by @danielsesta and the Abracadabra. money a scam site? Is it secure or possibly risky? In this comprehensive review, we provide insights to see if it’s legit and safe. Abracadabra Money is a multi-chain lending protocol utilizing interest-bearing assets to mint Magic Internet Money. The MIM development team acknowledged the exploit and stated that they are investigating. This stability is achieved through backing by interest-bearing tokens. 50156197 View all transactions Latest 1 internal transaction Advanced mode: Code Read Contract Write Contract Read as Proxy Write as Proxy Similar Match Source CodeNote: This contract matches the deployed ByteCode of the Source Code for Contract 0x655A9e7e966e18 Contract Name: Proxy Governance of the Abracadabra. The attacker manipulated a solvency check flaw in one of the protocol’s functions to borrow more tokens than collateral allowed. 6 million, urging the attacker to reach out either via email or directly to the protocol’s Ethereum treasury address. Money protocol is, how it works, going through the UI, showing how I borrowed MIM and used the (9,9) + looping method to incr Check out the Abracadabra money community on Discord - hang out with 26978 other members and enjoy free voice and text chat. r/AbracadabraMoney I borrowed MIM against my 380000k sSpell. money is a Omnichain DeFi lending platform that works its magic by utilizing interest-bearing tokens as collateral to mint Magic Internet Money (MIM), a USD-Denominated stablecoin. 7 million. Within a very short span of time, they have been able to expand from the ERC20 chain to Arbitrum (L2), FTM, and AVAX. com/invite/mim Official Abracadabra is a multi-chain lending platform that allows you to conduct spells to conjure Magic Internet Money. Abracadabra Money Hit for $6. To incentivize the return of funds, they offered a 20% bug bounty, equivalent to roughly $2. Hackers used Tornado Cash and bridged the stolen funds from Arbitrum to Ethereum. The team has not released an official statement yet, but blockchain researchers have confirmed the attack. IN Abracadabra. Meet The Abracadabra Money Team: The Magic Internet Money price peg mechanism is supported by token minting through a multi-sig of 6 out of 10. SPELL is the native protocol token, which Is abracadabra. 5M MIM. 2 million MIM tokens. Track server growth, monitor trends, and gain insights to build a thriving Discord community. Learn how Olympix's proactive security tools identified this exact exploit. money's key fundamental metrics and uncover trends to make better investing and operational decisions. 5 Million On January 30, two blockchain security firms alerted the Abracadabra Money team to “multiple suspicious transactions” involving the protocol’s MIM stablecoin. Danielesesta (Popsicle Finance, Abracadabra Money and WonderlandDAO). money team. This event highlights the ongoing security risks in DeFi platforms. Pegged to the US dollar, MIM can be borrowed against deposited collateral. Dive into Abracadabra. but it seems the interface has changed in the last 24 hours and i can't see the "unwrap" function on there now. The DAO is responsible for making decisions on key protocol parameters, risk management, and the use of treasury funds. money confirmed that the most recent attack, which occurred this past Saturday, cost the team around $1. Dec 16, 2021 · These include Tether, Circle, and Abracadabra – a fast-growing scheme that makes “Magic Internet Money. The Abracadabra Money hack reveals critical lessons on DeFi security, regulatory scrutiny, and governance improvements to safeguard digital assets. Logged in via metamask as i have the last 7 months Roadmap & Updates Updating Team, Investors and Partners Team Squirrel (Popsicle Finance and Abracadabra Money). Georgiy (Popsicle Finance and Abracadabra Money). On 30th January, Abracadabra Money, a widely known DeFi lending platform suffered an attack, victimizing the attackers to snatch $6. Official Announcement Channel of Abracadabra Money!🪄🧙🏼♂️ Join our Discord for Support or join the community: https://discord. Collateralized stablecoin loans on the Abracadabra crypto platform leverage its native SPELL token. While in our markets, your collateral keeps growing at the same rate as if it was in your wallet! Abracadabra Strategies: Conjuring Up Some Magic Internet Money! The vision and philosophy behind #OccupyDeFi are great but how exactly can users use the Abracadabra platform to increase their A hacker stole nearly $1. ” Their words, not mine – what could possibly go wrong with something that claims to be “magic money”? In case you are curious, here’s the video. 1 day ago · Abracadabra. Introducing Abracadabra SPELL (SPELL) team members and founder's information, reviewing live charts, ratings, market cap, news and research on TokenInsight Snapshot page The governance of abracadabra. 00283575 40. money protocol is managed by a decentralized autonomous organization (DAO) composed of sSPELL token holders. Holders of SPELL can participate in key decision-making processes, influencing the direction and policies of the platform Abracadabra. Money lost $13M in ETH after an exploit targeting its GMX-linked lending pools. I was charged 7 separate gas transactions for a total of $15 in ether. 5 million in user funds. money exploit is a harsh reminder that even battle-tested protocols can fall victim to the complexity of the ecosystems they integrate with. Money is a stablecoin lending platform with its own stablecoin, Magic Internet Money. The abracadabra. . Discover fundraising information: Funding Rounds, return on investment (ROI), prices of investors, and funds raised by Abracadabra. Abracadabra Money offers an innovative approach to stablecoin loaning in the form of borrowed Magic Internet Money. Money, and the damage? Roughly $13 million worth The abracadabra money team are constantly building and they are coming after DAI and the other centralized stablecoins, Stablecoins like USDT, USDC and BUSD comprise of about $133 Billion in Conclusion The abracadabra. Magic Internet Money (MIM), the algorithmic stablecoin issued by the protocol, crashed to $0. We are aware of an exploit involving certain cauldrons on Ethereum. It looks like it just sent $15 of ether and never requested MIM. upvotes ·comments Abracadabra Money SPELL: A Magical Dapp and the Home of Magic Internet Money u/2_sats MOD Abracadabra Money is a cross-blockchain lending platform that allows users to earn money by using their interest-bearing assets. money's in-depth company profile, including funding details, key investors, leadership, and competitors. Money: Team Tokens 0 ETH 0. Money is a lending protocol using interest-bearing assets to mint a multi-chain stablecoin called Magic Internet Money. money is a DeFi platform for crypto lending. What problem does Abracadabra Official Announcement Channel of Abracadabra Money!🪄🧙🏼♂️ Join our Discord for Support or join the community: https://discord. On January 30, 2024, Abracadabra Money was exploited on the Ethereum Mainnet due to a smart contract vulnerability, which resulted in a loss of over 2740 ETH, including 2. This exploit led to the unauthorized borrowing and subsequent theft of assets, totaling over $6. 5 million from their A look at Abracadabra. 2 million MIM tokens Summary Abracadabra Money, a prominent leverage and lending platform in the DeFi space, was exploited on January 30, 2024, due to a smart contract vulnerability on the Ethereum Mainnet. 49-million exploit involving the protocol’s Ethereum cauldrons that allow users to borrow the Magic Internet Money (MIM) stablecoin using different assets as collateral. com/invite/mim Official Abracadabra. I have gone back to V1 of the site and the wrap/unwrap function is still there. Once a proposal is passed, the team will implement it executing SPELL holders vote! Learn setting up abracadabra money (mim) development environment: cauldron protocol with practical examples and step-by-step guidance from my personal experience. Explore Abracadabra. money (SPELL) is a DeFi lending protocol that allows users to collateralize interest-bearing tokens to borrow stablecoin MIM, optimizing capital usage efficiency. Money DeFi platform with an overview of total value locked (TVL), analytics, token data, news, and historical charts. SPELL is an integral part of the ecosystem, serving as a utility and governance token. 0xMerlin (Abracadabra Money). Explaining what the Abracadabra. 7 million in a recent hack. 5 million in crypto assets. Nov 21, 2022 · As some of you may have heard, we have recently undergone a restructuring of the team. 76 following the exploit. Our engineering team is triaging and investigating the Abracadabra Money’s team leader put forward a proposal to introduce "a certain degree of centralized legal structure" for its DAO. Stay updated on the latest insights and trends on DappRadar. money happens through a snapshot page that can be found here . Review the white paper, team, and financial overview. Money (SPELL). uxzn, ag4fu, lguo, kclj, k4nj8, owwi, pbel0, xaruf0, hc1xm, ynti,