Abracadabra recovered 50% of loss after suffering a $13 million hack

Table of Contents

Abracadabra Finance claims it has acquired 6.5 million MIM, equivalent to 50% of the total loss suffered in the recent $13 million exploit.

In a blog post published in the aftermath of the Hack, the protocol confirmed that the user fund is not affected by the attack and that the team is working to restore stolen cryptography lost in exploits by earning stubcoins for the USD page that supports the Abracadabra ecosystem.

According to the statement, the protocol allocated a chunk of Treasury reserves to buy back MIM from the circulation, in the hopes of reducing supply distortion.

“The DAO Treasury, which currently holds $19 million in assets, has already acquired 6.5m MIM and has repaid 50% of its total loss, with the rest being absorbed by the Treasury in the coming months,” the Abracadabra team wrote.

Additionally, we plan to continue supporting MIM PEG. MIMPEG has held up throughout the crisis, falling just below the $1.00 mark. At press time, Ethereum (ETH)-based Stablecoin dropped by 0.5%. According to Coingecko data, MIM is currently trading hands at $0.9946.

Abracadabra recovered 50% of loss after suffering a $13 million hack - 1

Stablecoin Magic Internet Money Price Chart, March 26, 2025 | Source: Coingecko

You might like it too: Bibit returns 40k ETH Hack Post Hack Loan from Bitget

Abracadabra makes post-hack plans financial

In a blog post, the protocol also announced plans for the next few months to come back after the hack. Aside from the aforementioned Ministry of Finance holdings and token repair plans, the protocol plans to expand into the ecosystem of Berachain (Bella) and Nibiru chains.

Additionally, Abracadabradao has revealed that he is also preparing to insert a new Dex project called Purrswap. The project will be deployed in the HypereVM chain, where Abracadabra will provide funding, resources and guidance for the project.

Regarding tracking stolen funds, Abracadabra said it is working with chain dialysis to recover them. So far, on-chain research has revealed that 6,000 ETH trobes are currently stored at three different crypto addresses.

Protocol said it was also open to negotiate with hackers to reach a contract to return the stolen funds.

As Crypto.News previously reported, Abracadabra Finance confirmed it suffered from a malicious hack, resulting in a loss of around $13 million. Exploit targeted the integration of GMCaultron’s smart contracts, particularly decentralized Exchange GMX and Abracadabra loan agreements.

You might like it too: Abracadabra offers 20% hacker prize after a $13 million violation