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THE BLOCK: Abracadabra $SPELL governance is considering an orderly wind-down of the protocol, with a proposal citing roughly $21 million in $MIM bad debt. The proposal would liquidate recoverable collateral and distribute it to borrowers and MIM holders before shutting down the protocol.
$MIM liquidity is back on the menu. As one of DeFi's longest-running participants, we're doubling down on incentives for the next era of @MIM_Spell And we're putting our money where our mouth is: 70m $SPELL has been deployed to incentivize the MIM-2Pool on Curve. We're actively rebuilding liquidity, increasing market depth, and strengthening the foundations of the MIM ecosystem. This is only the beginning. More initiatives incoming... 🧙♂️🌙
$MIM iquidity is back on the menu. As one of DeFi's longest-running participants, we're doubling down on incentives for the next era of @MIM_Spell And we're putting our money where our mouth is: 70m $SPELL has been deployed to incentivize the MIM-2Pool on Curve. We're actively rebuilding liquidity, increasing market depth, and strengthening the foundations of the MIM ecosystem. This is only the beginning. More initiatives incoming... 🧙♂️🌙
$MIM Liquidity Strategy Update Today we funded a new Curve liquidity pool for $MIM with an initial allocation of $100,000 of MIM, USDT, and USDC. This will serve as a base for liquidity to restore balance across Curve Pools after unexpected liquidity withdrawals due recent DeFi incentive strategy changes. Improving $MIM liquidity is currently our highest operational priority and we're backing it with our balance sheet. This new pool increases available market depth and lays the foundation for additional liquidity initiatives already in progress. We're also preparing a new round of liquidity incentives, with an initial tranche of 140,000,0000 $SPELL returning Thursday, June 18th, to further strengthen liquidity across the ecosystem. Recent market dislocations have highlighted the importance of deep and resilient liquidity. We're taking active steps to address that and will continue sharing updates as additional initiatives go live and additional partnerships are announced. More to come. @MIM_Spell is back. DeFi is back.
$MIM Liquidity Strategy Update Today we funded a new Curve liquidity pool for $MIM with an initial allocation of $100,000 of MIM, USDT, and USDC. This will serve as a base for liquidity to restore balance across Curve Pools after unexpected liquidity withdrawals due recent DeFi incentive strategy changes. Improving $MIM liquidity is currently our highest operational priority and we're backing it with our balance sheet. This new pool increases available market depth and lays the foundation for additional liquidity initiatives already in progress. We're also preparing a new round of liquidity incentives, with an initial tranche of 140,000,0000 $SPELL returning Thursday, June 18th, to further strengthen liquidity across the ecosystem. Recent market dislocations have highlighted the importance of deep and resilient liquidity. We're taking active steps to address that and will continue sharing updates as additional initiatives go live and additional partnerships are announced. More to come. @Spell_MIM is back. DeFi is back.
Network update: V2 launches on Ethereum. Stablecoin model remains MIM-only.
🧙♂️! Abracadabra V2 is coming. We’re bringing MIM from a DeFi primitive to a full private banking experience. Borrow against yield-bearing collateral. Keep upside. Spend privately. Thread 👇
Abracadabra loses $1.8 million in protocol's third major DeFi hack since 2024 https://www.theblock.co/post/373453/abracadabra-loses-1-8-million-in-protocols-third-major-defi-hack-since-2024?utm_source=twitter&utm_medium=social
🚨 GoPlus Security Alert: The lending and stablecoin platform Abracadabra ( $SPELL ) appears to have been attacked again, with losses of approximately $1.77 million. Its official Twitter account @MIM_Spell has not been updated since September 9. Attacker Address: 0x1AaaDe3e9062d124B7DeB0eD6DDC7055EFA7354d Attack Contract: 0xB8e0A4758Df2954063Ca4ba3d094f2d6EdA9B993 (Self-destructed after the attack) Attacked Contract: 0xd96f48665a1410c0cd669a88898eca36b9fc2cce (https://t.co/65LzGfczQp: Degenbox) Attack Transaction: https://t.co/bLrCGKmUKm After completing the attack transaction, 51 ETH was transferred to TornadoCash. The attacker's address (0x1AaaDe) still holds 344 ETH (~$1.55 million) that has not been moved. ⚠️ The team later responded in the Discord community, stating that DAO reserve funds will be used to repurchase the affected $MIM. However, the official Twitter account @MIM_Spell has not been updated since September 9. 📅 Abracadabra Money has been attacked twice before due to contract vulnerabilities: 1️⃣ On January 30, 2024, a flash loan attack exploiting a rounding calculation vulnerability in the contract resulted in a loss of approximately $6.5 million, causing the MIM stablecoin to depeg. 2️⃣ On March 25, 2025, a hack exploiting a business logic vulnerability during collateral liquidation led to a loss of approximately $13 million.
🧙♂️! MIMSwap is now live on @NibiruChain ! 🌋✨ We're thrilled to bring Abracadabra's stablecoin AMM tech to one of the most exciting new chains in the ecosystem. MIMSwap offers low-slippage, capital-efficient swaps designed specifically for stable coins. Launching on Nibiru allows us to showcase how powerful this technology can be on a high-performance chain built for DeFi. Expect new LP opportunities and more omnichain integrations soon!🔮
1/🧙♂️! The OFT $SPELL Beam is now live on @berachain via @LayerZero_Core! Users can now seamlessly transfer SPELL between Ethereum and Berachain with full composability.
🧙🏼♂️! The Abracadabra Money DAO will incubate @PurrSwap_ , leveraging Abracadabra’s existing @MIMSwap technology to be the go-to AMM for stable assets in the HyperEVM ecosystem. We’re hosting an X space to prepare the @MIM_Spell and @HyperliquidX communities for the launch of… x.com/PurrSwap_/stat… Quote [@PurrSwap_](https://www.twitter.com/PurrSwap_/status/1911791999906197985) > PurrSwap is teaming up with @MIM_Spell to discuss our upcoming launch and our exciting plans for the @HyperliquidX ecosystem. > Tune into @MIM_Spell this Wednesday at 3 PM EST to hear from @0xRomy of Abracadabra 🧙♂️ and @0xbeartic, a core contributor at PurrSwap. 😺 > Don’t miss this…
Abracadabra: The gmCauldrons product was hacked yesterday, resulting in a loss of approximately 13 million MIM (~6,000 ETH). The DAO treasury has urgently utilized a portion of its assets to repurchase 6.5 million MIM, accounting for 50% of the total loss, with the remaining… x.com/WuBlockchain/s… Quote [@WuBlockchain](https://www.twitter.com/WuBlockchain/status/1904504476486230284) > According to PeckShield monitoring, GMX and @MIM_Spell related contracts have been hacked, losing about 6,260 ETH (worth $13M). GMX said: GMX contracts are not affected. It relates to Abracadabra/Spell's cauldrons based on GMX V2's GM pools. The contributors are currently looking…
$13M exploit. 50% repaid in less than 36h. Zero user funds lost. Abracadabra isn’t backing down We are rebuilding stronger with @berachain , @NibiruChain, and @PurrSwap_ expansions. SPELL emissions on pools are uninterrupted, with new avenues arriving. Full remediation by…
Security Update: The hackers's funds have been consolidated over 3 wallets: -0x018182FD7B856AeE1606D7E0AA8bca10F1Cb0b5d -0xa8f822E937C982e65b0437Ac81792a3AdA76A1ff -0x047C2a3dd1Ab4105B365685d4804fE5c440B5729 We have the full might of @chainalysis and @zeroshadow_io behind us, through our Crypto Incident Response partnership, which is tapping into their extended network of exchanges and partners as well as successfully tracking the moved funds. We have also reached out to the attacker via an on-chain message, offering a chance to return the funds and qualify for a bug bounty. Transactions with message: etherscan.io/search?f=0&q=0… etherscan.io/tx/0x2437e1421… etherscan.io/tx/0xca63e433c… Reach out at reward@abracadabra.money, on chain to our treasury address on ETH 0xDF2C270f610Dc35d8fFDA5B453E74db5471E126B or our deployer addresses (eg 0xfddfE525054efaAD204600d00CA86ADb1Cc2ea8a). A full post mortem is coming in the upcoming days. We thank you all for your patience and support during these challenging times. The rest of the Abracadabra products remain unaffected by this incident.
Security Update: The hackers's funds have been consolidated over 3 wallets: -0x018182FD7B856AeE1606D7E0AA8bca10F1Cb0b5d -0xa8f822E937C982e65b0437Ac81792a3AdA76A1ff -0x047C2a3dd1Ab4105B365685d4804fE5c440B5729 We have the full might of @chainalysis and @zeroshadow_io behind us, through our Crypto Incident Response partnership, which is tapping into their extended network of exchanges and partners as well as successfully tracking the moved funds. We have also reached out to the attacker via an on-chain message, offering a chance to return the funds and qualify for a bug bounty. Transactions with message: etherscan.io/search?f=0&q=0… etherscan.io/tx/0x2437e1421… etherscan.io/tx/0xca63e433c… Reach out at reward@abracadabra.money, on chain to our treasury address on ETH 0xDF2C270f610Dc35d8fFDA5B453E74db5471E126B or our deployer addresses (eg 0xfddfE525054efaAD204600d00CA86ADb1Cc2ea8a). A full post mortem is coming in the upcoming days. We thank you all for your patience and support during these challenging times.
Abracadabra.Finance, a decentralized lending platform, was exploited for $13 million. @FranciscoMemor reports. trib.al/vtzzeuL
We are aware of an exploit in relation to our gmCauldrons. Core contributors and security engineers are investigating the issue in depth and will provide more information as soon as available. Each gmCauldron was fully audited by @GuardianAudits prior to release. The same lead auditors as GMX core contracts, gmCauldrons are also integrated within the rest of Abracadabra Security infra including @zeroshadow_io tracking, @hexagate_ response software as well as further security measures behind the scene. While having multiple systems in place, the exploit was caught only after the attacker executed several transactions. The Zeroshadow team alerted us and we quickly turned off all borrows to all cauldrons. The full damage of the attack is currently being assessed. We are working together with @GuardianAudits, @GMX_IO, and other security peers to identify the execution of the hack. No user collateral is affected and this exploit only affects the gmCauldrons. We are in close contact with @chainalysis who are tracking the funds, that are currently consolidated on 0xaf9e33aa03caaa613c3ba4221f7ea3ee2ac38649. To the hacker, we are happy to entertain negotiations for a bug bounty of 20% of the total. Reach out at reward@abracadabra.money or on chain to our treasury address on ETH 0xDF2C270f610Dc35d8fFDA5B453E74db5471E126B. A full post mortem will be provided once ready.
Important security notice: There appears to have been an exploit related to Abracadabra/Spell's cauldrons that utilise GM tokens, as noted by PeckShield and other security specialists monitoring the blockchain. To clarify, no issues have been identified with GMX contracts, and they are not affected by this unfortunate situation. We believe the issue relates solely to the Abracadabra/Spell cauldrons. These cauldrons allow for borrowing against specific GM liquidity tokens. The contributors from Spell, GMX, and security researchers are currently investigating the cause of the issue.
According to PeckShield monitoring, GMX and @MIM_Spell related contracts have been hacked, losing about 6,260 ETH (worth $13M). GMX said: GMX contracts are not affected. It relates to Abracadabra/Spell's cauldrons based on GMX V2's GM pools. The contributors are currently looking into the cause. x.com/Jonas_ALA/stat…
.@GMX_IO @MIM_Spell related contracts have been hacked for ~6,260 ETH (worth ~$13M)
@GMX_IO @MIM_Spell related contracts have been hacked for ~6,260 ETH (worth ~$13M)
@GMX_IO @MIM_Spell related contracts have been hacked for ~3,260 ETH (worth ~$6.5M)
1/ 🧙♂️! AIP #67 has passed! 🚀 Introducing the FIRST Liquidity Marketplace powered by MIM technology from @MIM_Spell, built on HyperEVM @HyperliquidX. Welcome @PurrSwap_!😸 This is a HISTORIC moment for the Abracadabra DAO as it incubates its first AMM on one of the most exciting and fastest growing ecosystems in all of crypto! 🎉 Through this incubation, Abracadabra is positioning itself at the forefront of HyperEVM’s infrastructure and ensuring that MIM and @PurrSwap_ become the liquidity and trading hub backbone of HyperEVM. ⚡ Hyperliquid’s momentum is undeniable, HyperEVM is its exciting new frontier and @PurrSwap_ is the DEX that will solve a critical piece of the puzzle going forward. 🧩 🧙🏼♂️+😸=📈
🧙🏼♂️! Potion Points claiming is now live on @arbitrum !🪂🔮 $USDT and $SPELL claiming is now live for all addresses that received the @MIMSwap Founder's Boost!🔥 Claim your Potion Points now!👇🏻 app.abracadabra.money/#/potion-points
🧙🏼♂️! The first batch of STIP bridge ARB rewards has been deposited in the 2 new @MIMSwap pools available on @arbitrum!👇🏻🔥 MIM/USDC: 30k $ARB MIM/USDT: 15k $ARB Enjoy stablecoin on chain yield above the 50% Mark with rewards in both $SPELL and $ARB👇🏻 app.abracadabra.money/#/pools
1/🧙🏼♂️! @MIMSwap stableswap infrastructure is now live on @arbitrum with the first $MIM - $USDT Pool!👇🏻 app.abracadabra.money/#/pool/1/42161 15m $SPELL have been added as LPers rewards, with further ARB rewards coming from the STIP program coming early next week!🔥 To join👇🏻 1️⃣LP on…
We're excited to announce that a new BADGER/USDT trading pair is now available on DWF Liquid Markets 🥳 Find more info below 👇 twitter.com/DWFLabs/status… Quote [@DWFLabs](https://www.twitter.com/DWFLabs/status/1796074141025698259) > Good news, traders! New listings are available on DWF Liquid Markets. 🔥 > > The trading pairs available are: > - BADGER/USDT (@BadgerDAO) > - NLK/USDT (@NuLink_) > - ATS/USDT (@alltoscan) > - SPELL/USDT (@MIM_Spell) > - LIT/USDT (@litentry) > - DODO/USDT (@BreederDodo) > - MDT/USDT…
🧙🏼♂️! Abracadabra’s @LayerZero_Labs RFP proposal is live on the forum for $SPELL holders to vote on!🗳️ If passed, it will be posted to take part in the airdrop distribution!⛓️ Learn more and share your feedback!👇🏻🏛️ forum.abracadabra.money/t/saip-50-post… Voting starts in 24 hours!🔥
🧙🏼♂️! We are proud to integrate @NotifiNetwork notification system for our markets on ETH, Arbitrum, AVAX and more!👇🏻 Users can now sign up to the Notifi system, and receive alerts on Telegram, Email and Discord once their position approaches liquidation!🔥🔮 twitter.com/NotifiNetwork/… Quote [@NotifiNetwork](https://www.twitter.com/NotifiNetwork/status/1775922650264617275) > 🔔Integration Alert 🔔 > > We’re thrilled to announce our integration with Abracadabra, one of DeFi’s legendary early leaders and a continued force across Arbitrum & EVM chains. 🔮 > > Read more below 👇🧵 > tinyurl.com/AbraNotifi
🧙🏼♂️! Following the successful passing of AIP #48, Ethereum Mainnet cauldrons interest rise has started!🔥👇🏻 snapshot.org/#/abracadabrab… This DAO vote positions Abracadabra as one of the best avenues to use ETH, and ETH like products as collateral, while scaling up DAO revenues!⬆️🔮
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