Internet Money

Magic Internet Money

Tornado Cash

MN Coin

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    <p><a rel="dofollow" title="Abracadabra" href="https://thebittimes.com/tag/abracadabra.html">Abracadabra</a> Finance, the <a rel="dofollow" title="platform" href="https://thebittimes.com/tag/platform.html">platform</a> behind stablecoin <a rel="dofollow" title="Magic Internet Money" href="https://thebittimes.com/tag/magic-internet-money.html">Magic Internet Money</a> (MIM), was <a rel="dofollow" title="hacked" href="https://thebittimes.com/tag/hacked.html">hacked</a> for approximately $6.5 million on Tuesday, causing MIM to depeg.</p> 
    <p>According to data from CoinMarketCap, the $100 million market cap stablecoin briefly hit $0.76 before rebounding due to the team’s efforts to restore the token’s price.</p> 
    <p>The <a rel="dofollow" title="Abracadabra" href="https://thebittimes.com/tag/abracadabra.html">Abracadabra</a> treasury used over 900,000 USDT to market buy MIM, sending the price back to around $0.95 where it remains at the time of writing.</p> 
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    <p>While yet to be officially confirmed, the attack appears to have been caused by a rounding error in <a rel="dofollow" title="Abracadabra" href="https://thebittimes.com/tag/abracadabra.html">Abracadabra</a>’s CauldronV4 smart contract code, which allowed the <a rel="dofollow" title="Hack" href="https://thebittimes.com/tag/hack.html">Hack</a>er to drain assets from the <a rel="dofollow" title="platform" href="https://thebittimes.com/tag/platform.html">platform</a>. Following the <a rel="dofollow" title="Hack" href="https://thebittimes.com/tag/hack.html">Hack</a>, the attacker sold off a total of <strong>2.3 million MIM for ETH</strong>, causing the sudden drop in price.</p> 
    <p>Solidity developer Anton Cheng claims to have investigated the attack vector back in September 2023, but eventually decided to chalk it up to a false positive when no profitable way to pull off a hack was found.</p> 
    <p>The attacker funded their address via crypto-mixing service Tornado Cash, whose founders have been embroiled in legal troubles since the project was sanctioned by the US Treasury in 2022.</p> 
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      <blockquote class="wp-embedded-content" data-secret="PXFEgugATX">
       Coin Center loses Tornado Cash lawsuit, intends to appeal
      </blockquote><iframe class="wp-embedded-content" sandbox="allow-scripts" security="restricted" style="position: absolute; clip: rect(1px, 1px, 1px, 1px);" title="“Coin Center loses Tornado Cash lawsuit, intends to appeal” — Protos" src="https://protos.com/coin-center-loses-tornado-cash-lawsuit-intends-to-appeal/embed/#?secret=wpTTBJaYJV#?secret=PXFEgugATX" data-secret="PXFEgugATX" width="500" height="282" frameborder="0" marginwidth="0" marginheight="0" scrolling="no"></iframe> 
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    <p><em>Read more: Why didn’t the DoJ charge the third co-founder of Tornado Cash?</em></p> 
    <p>Abracadabra is one of a number of decentralized finance (DeFi) projects either co-founded or otherwise closely linked to Daniele Sestagalli. Another of these projects, Wonderland, <strong>was run alongside convicted fraudster Michael Patryn</strong>, whose identity (which was known to Sestagalli) was revealed almost two years ago by on-chain investigator ZachXBT.</p> 
    <p><em>Got a tip? Send us an email or ProtonMail. For more informed news, follow us on&nbsp;X,&nbsp;</em><em>Instagram</em><em>,&nbsp;</em><em>Bluesky</em><em>, and&nbsp;</em><em>Google News</em><em>, or subscribe to our&nbsp;</em><em>YouTube</em><em>&nbsp;channel.</em></p> 
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<p>Source: <a rel="dofollow" target="_blank" href="https://thebittimes.com/magic-internet-money-loses-its-sparkle-as-defi-platform-hacked-for-6-5m-tbt78282.html">https://thebittimes.com/magic-internet-money-loses-its-sparkle-as-defi-platform-hacked-for-6-5m-tbt78282.html</a></p>

Magic Internet Money loses its sparkle as DeFi platform hacked for $6.5M

TheBitTimes

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