Abracadabra Finance has announced the restoration of 6.5m Magic internet Money (MIM), a USD stablecoin pegged to Abracadabra ecosystem. The protocol confirmed the development in a blog post released today, stating that it has repaid 50% of the total loss. The firm added that the rest of the loss will be absorbed by its treasury in the coming months.
In the post, Abracadabra revealed that only 13m MIM were lost in the hack, as the rest of Abracadra products are safe. The protocol also emphasized that users’ funds are safe and secured. Abracadabra further noted that it is working tirelessly to ensure that the stolen funds are also recovered.
Meanwhile, Abracadabra affirmed that the loss does not define its future. The protocol added that its team is working tirelessly to rebuild with strength, focus, and greater resilience. The post also highlights the protocol’s plan for the coming months.
According to the firm, its future plans revolve around four main pillars. These pillars are Treasury Holding and Remediation Plan, Berachain Expansion, Nibiru Expansion, and Purrswap.
Explaining further, the protocol noted that its DAO treasury maintains a healthy and solvent position, with diversified holdings across multiple liquid assets. As revealed, this treasury reserves place the DAO in a strong position to address the impact of the recent exploitation in a responsible and transparent manner. The treasury currently holds about $19m, with about 4m held in the Depeg.
Abracadabra loses 6,260 worth of Ethereum
According to PeckShield, about 6,260 worth of Ethereum were stolen from GMX decentralized exchange. Similarly, a representative from GMX, Jonezee also clarified that the hack is related to the integration between Abracadabra and GMX V2.
Meanwhile, the protocol has also offered 20% of the stolen funds as bounty. The protocol is also willing to pay in any currency requested by the hackers. Abracadabra added that the best onchain investigators are on it, and all CEXs and centralised entities have already been brought up to speed.
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