[ad_1] <br><div><a target="_blank" class="article__lead-img--wrapper" href="https://news.google.com/vladislav-sopov" rel="noopener"> <img width="224" height="140" alt="article image" src="https://u.today/sites/default/files/2021-07/8893.jpg" class="author__item-user-avata"/> </a> <div class="article__lead-info"><a target="_blank" class="article__lead-name" href="https://news.google.com/vladislav-sopov" rel="noopener">Vladislav Sopov</a> <p>Attackers have stolen over $111,000 in MIM tokens, exploiting oracle vulnerability</p> </div> </div><div> <div class="article__contents"> <p>Contents</p> <ul class="article__contents-list"><li class="article__contents-item"><a target="_blank" class="article__contents-link link-pseudo" href="#h20" rel="noopener">Attackers get over $110,000 in MIM, oracles to blame</a></li><li class="article__contents-item"><a target="_blank" class="article__contents-link link-pseudo" href="#h31" rel="noopener">MIM briefly loses its peg amid Binance/FTX drama</a></li></ul></div><p>Nameless DeFi professional who goes by @spreekaway on Twitter seen an uncommon transaction on Abracadabra's on-chain stablecoin Magic Web Cash (MIM) and xSUSHI tokens of SushiSwap (SUSHI) liquidity suppliers.</p> <h2 id="h20">Attackers get over $110,000 in MIM, oracles guilty</h2> <p>Per the assertion shared by @spreekaway on Twitter yesterday, Nov. 8, 2022, somebody used the irregular value spike within the oracle to maliciously deposit xSUSHI tokens.</p> <blockquote class="twitter-tweet"> <p dir="ltr" lang="en">appears MIM simply ate a bunch of unhealthy debt from somebody depositing xSUSHI when the oracle was far above present value, self updating the oracle, after which liquidating themself.</p><p>attacker profited 110,911 MIM <a target="_blank" rel="nofollow noopener" href="https://t.co/2UVr9Wccpg">pic.twitter.com/2UVr9Wccpg</a></p> — Spreek (@spreekaway) <a target="_blank" rel="nofollow noopener" href="https://twitter.com/spreekaway/status/1590118020319354880?ref_src=twsrc%5Etfw">November 8, 2022</a></blockquote> <p>Then, as soon as the oracles system was self-updated, the deposit was "auto-liquidated": the attacker grabbed the income from the oracle imbalance.</p> <p>In complete, the losses eclipsed $110,000 in equal; the malefactors withdrew it in MIM stablecoins.</p><div class="something middle_banner"> <div class="something__content something__content-square" style="width:336px;height:280px;"> <a target="_blank" rel="nofollow noopener" href="https://servedbyadbutler.com/go2/;ID=183269;size=336x280;setID=558953"><img src="https://servedbyadbutler.com/adserve/;ID=183269;size=336x280;setID=558953;type=img;click=CLICK_MACRO_PLACEHOLDER" width="336" height="280"/></a> <p>Advertisements</p> </div> </div> <p>Nameless Ethereum (ETH) developer 0xMerlin (@0xM3rlin on Twitter), one of many key figureheads within the Abracadabra DeFi ecosystem, admitted that one of many backend parts of his protocol was not working.</p> <p>Within the subsequent releases, he pressured, the system will use superior oracles design, together with tooling by Gelato Community, in parallel with Chainlink (LINK).</p> <h2 id="h31">MIM briefly loses its peg amid Binance/FTX drama</h2> <p>Additionally, the identical handle tried to assault Kashi lending swimming pools however was frontrun by bots. The frontrunners managed to seize over $9,400 in USD Cash (USDC).</p> <p>It also needs to be famous that the worth of Magic Web Cash (MIM) briefly misplaced its peg yesterday, Nov. 8, 2022. It plunged under $0.96.</p> <p>This was the most important value drop of MIM within the final 12 months. In the meantime, by press time, the token nearly recovered from the depegging and is now altering arms at $0.9965 on main exchanges.</p> </div><script async src="//platform.twitter.com/widgets.js" charset="utf-8"></script> <br>[ad_2] <br><a href="https://news.google.com/__i/rss/rd/articles/CBMiTGh0dHBzOi8vdS50b2RheS9hYnJhY2FkYWJyYXMtbWltLXN0YWJsZWNvaW4tdXNlZC1ieS1kZWZpLWF0dGFja2Vycy1oZXJlcy1ob3fSAQA?oc=5">Source link </a>