Ranking
Categories
Historical Snapshots
Token unlocks
Yield
Real-World Assets
Trending
Upcoming
Recently Added
Gainers & Losers
Most Visited
Community Sentiment
Chain Ranking
Crypto
Politics
Sports
Overall NFT Stats
Upcoming Sales
Market Overview
Spot Market
No. of Cryptocurrencies
Bitcoin Treasuries
BNB Treasuries
Fear and Greed Index
Altcoin Season Index
Market Cycle Indicators
Bitcoin Dominance
CoinMarketCap 20 Index
CoinMarketCap 100 Index
Crypto ETFs
Bitcoin ETFs
Ethereum ETFs
RSI
MACD
Overview
Liquidations
Funding Rates
Signals
Trending
New
Gainers
Meme Explorer
Top Traders
Spot
Derivatives
Spot
Derivatives
Feeds
Topics
Lives
Articles
Converter
Newsletter
CMC Launch
CMC Labs
Top Stories
Telegram Bot
Advertise
Crypto API
Site Widgets
News
Academy
Research
Videos
Glossary
Ask CMC AI
AI Alerts
Airdrops
Diamond Rewards
Learn & Earn
ICO Calendar
Events Calendar
#Abracadabra Protocol Addresses $1.79M Smart Contract Issue
DeFi lending protocol Abracadabra identified and resolved a smart contract vulnerability Saturday night that resulted in 1.79 million 
$MIM tokens being extracted from deprecated contracts, with the protocol using treasury funds to maintain system stability.
Security firm BlockSec Phalcon documented the technical details of the incident. An address leveraged a function flaw in deprecated contracts to bypass solvency checks, extracting 1.79 million Magic Internet Money tokens from the protocol's smart contracts.
The transaction involved initial funding through Tornado Cash, with the extracted tokens later converted to 
$ETH. DAO contributor 0xMerlin addressed users on Abracadabra's Discord server, confirming the issue was identified, mitigated, and closed.
The protocol deployed its DAO treasury to repurchase the affected $MIM from the market. 0xMerlin confirmed no user funds were impacted by the technical issue, with the bought-back tokens awaiting conversion to $ETH for treasury repayment.
