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Abracadabras 649M loss leads to MIM stablecoin destabilization
Published: 2024-01-30
Main topics in the article:
1. Abracadabra's $6.49M Loss
2. Destabilization of the MIM Stablecoin
3. Implications for DeFi Investors
1. Abracadabra's $6.49M Loss: The article highlights how Abracadabra,a protocol on the Terra blockchain,suffered a significant loss of $6.49 million due to an exploit. The exploit involved the manipulation of an algorithm embodied in a money market called Anchor. The loss not only affects Abracadabra but also raises concerns about the security and robustness of smart contracts within the decentralized finance (DeFi) ecosystem.
2. Destabilization of the MIM Stablecoin: The article discusses how the loss suffered by Abracadabra has led to the destabilization of the Mirror Protocol's TerraUSD (UST) stablecoin,known as MIM. MIM is designed to maintain a 1:1 peg with the U.S. dollar,but the exploit has resulted in a significant discrepancy between the pegged value and the actual market value. This discrepancy has eroded trust in MIM and may lead to further volatility in the stablecoin market.
3. Implications for DeFi Investors: The article highlights the broader implications of the Abracadabra loss and MIM destabilization for DeFi investors. It emphasizes the importance of conducting thorough audits and due diligence when investing in DeFi projects,as vulnerabilities can be exploited,leading to significant financial losses. This incident serves as a reminder that the DeFi ecosystem is still evolving and poses risks that investors should be aware of. It may prompt increased scrutiny from regulators and the need for stronger security measures within the DeFi space. In conclusion,the main topics discussed in the article are:
1. Abracadabra's $6.49M Loss
2. Destabilization of the MIM Stablecoin
3. Implications for DeFi Investors
Reference: cointelegraph.com
The most traded coin
(Update every 1 hour)
| at | from | is ($US) | turnover ($) |
|---|---|---|---|
| 1 | BTC |
66,781.31 | 1,658,339,368.39 |
| 2 | ARS |
1,103.00 | 1,488,928,327.70 |
| 3 | ETH |
3,096.14 | 1,147,645,973.14 |
| 4 | SOL |
172.58 | 633,860,625.11 |
| 5 | PEPE |
<0.01 | 264,857,146.56 |
| 6 | DOGE |
0.15 | 168,196,601.02 |
| 7 | WIF |
2.80 | 156,062,084.68 |
| 8 | XRP |
0.52 | 127,736,858.16 |
| 9 | NEAR |
8.00 | 127,338,599.70 |
| 10 | BOME |
0.01 | 124,616,505.68 |
| 11 | FTM |
0.87 | 124,281,730.09 |
| 12 | RUNE |
6.84 | 117,087,663.59 |
| 13 | LINK |
16.26 | 116,859,260.27 |
| 14 | ENA |
0.72 | 93,180,154.51 |
| 15 | PEOPLE |
0.05 | 91,046,947.44 |
| 16 | ORDI |
41.22 | 87,112,605.41 |
| 17 | FLOKI |
<0.01 | 87,102,649.03 |
| 18 | AVAX |
37.48 | 84,281,558.50 |
| 19 | RNDR |
10.04 | 70,731,503.26 |
| 20 | JTO |
4.74 | 62,281,631.09 |
| 21 | WLD |
5.02 | 61,854,032.14 |
| 22 | OP |
2.57 | 57,273,078.81 |
| 23 | BCH |
480.40 | 54,931,282.90 |
| 24 | SUI |
1.08 | 52,277,106.55 |
| 25 | AR |
48.06 | 51,888,490.85 |
| 26 | ADA |
0.48 | 47,360,411.49 |
| 27 | BONK |
<0.01 | 46,732,073.86 |
| 28 | JUP |
1.27 | 46,292,544.48 |
Coins with rapidly rising prices
(Update every 1 minute)
| at | from | is ($US) | more (%) |
|---|---|---|---|
| 1 |  FOR |
0.02 | +25.48 |
| 2 |  CREAM |
58.27 | +24.88 |
| 3 |  ZRX |
0.60 | +22.56 |
| 4 |  RSR |
<0.01 | +17.32 |
| 5 |  TRU |
0.13 | +15.52 |
| 6 |  PENDLE |
4.98 | +14.37 |
| 7 |  BICO |
0.57 | +13.82 |
| 8 |  GNO |
302.30 | +13.43 |
| 9 |  TNSR |
0.95 | +13.40 |
| 10 |  POLYX |
0.46 | +12.87 |
| 11 |  DUSK |
0.35 | +12.61 |
| 12 | ORDI |
41.22 | +11.41 |
| 13 |  SSV |
41.52 | +11.25 |
| 14 |  LTO |
0.20 | +10.67 |
| 15 |  PYTH |
0.46 | +9.70 |
| 16 |  1000SATS |
<0.01 | +9.16 |
| 17 |  COTI |
0.13 | +9.16 |
| 18 |  YGG |
0.91 | +9.02 |
| 19 |  LDO |
1.82 | +8.79 |
| 20 | OP |
2.57 | +8.57 |
| 21 |  BEL |
0.89 | +7.85 |
| 22 |  CYBER |
7.86 | +7.73 |
| 23 |  ROSE |
0.09 | +7.69 |
| 24 | BCH |
480.40 | +7.38 |
| 25 | FTM |
0.87 | +7.29 |
| 26 |  ICP |
13.25 | +7.19 |
| 27 |  IQ |
0.01 | +7.17 |
| 28 |  ID |
0.77 | +6.97 |
| 29 |  OAX |
0.23 | +6.97 |
| 30 |  EPX |
<0.01 | +6.92 |
The price of coins is falling rapidly.
(Update every 1 minute)
| at | from | is ($US) | reduce (%) |
|---|---|---|---|
| 1 | PEOPLE |
0.05 | -10.21 |
| 2 |  HIGH |
4.54 | -6.06 |
| 3 |  LOOM |
0.09 | -4.10 |
| 4 | NEAR |
8.00 | -3.34 |
| 5 |  VANRY |
0.19 | -2.90 |
| 6 |  IMX |
2.41 | -2.72 |
| 7 |  HBAR |
0.11 | -2.55 |
| 8 | FLOKI |
<0.01 | -1.86 |
| 9 |  SYS |
0.19 | -1.85 |
| 10 |  LSK |
1.98 | -1.79 |
| 11 |  AVA |
0.66 | -1.59 |
| 12 |  BEAMX |
0.02 | -1.28 |
| 13 |  WAN |
0.25 | -0.99 |
| 14 | WIF |
2.80 | -0.87 |
| 15 |  C98 |
0.26 | -0.70 |
| 16 |  LEVER |
<0.01 | -0.66 |
| 17 |  LINA |
<0.01 | -0.46 |
| 18 |  GMX |
29.97 | -0.43 |
| 19 | PEPE |
<0.01 | -0.40 |
| 20 | RNDR |
10.04 | -0.21 |
| 21 |  TAO |
384.20 | -0.21 |
| 22 |  CITY |
3.34 | -0.09 |
| 23 |  ASR |
3.71 | -0.05 |
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