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# Abracadabra Recoups Half of Deficits Following $13 Million Intrusion
Abracadabra Finance has revealed that it has recouped $6.5 million in MIM, which constitutes half of the aggregate deficits from the latest $13 million intrusion.
According to a blog entry by the protocol, user finances weren’t impacted by the intrusion. The squad is endeavoring to recoup the pilfered cryptocurrency by procuring Magic Internet Money (MIM), the dollar-pegged stablecoin that bolsters the Abracadabra ecosystem.
The protocol has assigned a segment of its exchequer reserves to repurchase MIM from circulation in an attempt to diminish supply distortion.
The Abracadabra squad expressed that the DAO exchequer presently possesses roughly $19 million in assets and has already procured $6.5 million in MIM, encompassing half of the aggregate deficits. The outstanding sum will be assimilated by the exchequer in the approaching months. TruBit Collaborates with Morpho to Introduce DeFi Unearned Revenue in Latin America
The squad additionally intends to proceed with bolstering its MIM peg, which remained steady throughout the crisis, fluctuating marginally beneath $1.00. As of press time, the Ethereum (ETH)-based stablecoin is down 0.5% and is presently trading at $0.9946, according to CoinGecko.
## Abracadabra Finance’s Schemes Following the Intrusion
In the blog entry, the protocol additionally delineated its schemes for the coming months to recuperate from the intrusion. In supplement to the exchequer holdings and token remediation scheme cited above, the protocol intends to broaden to the Berachain (BERA) and Nibiru Chain ecosystems.
AbracadabraDAO additionally unveiled that it is preparing to incubate a fresh DEX project dubbed Purrswap. The project will be deployed on the HyperEVM chain, and Abracadabra will furnish funding, resources, and guidance for the project.
Abracadabra is collaborating with Chainalysis to monitor the pilfered finances.
Per blockchain scrutiny, the 6,000 ETH purloined throughout the contemporary misuse is presently located in three separate crypto portfolios.
Abracadabra Finance, the DeFi protocol that was affected for approximately $13 million (as we formerly reported), is publicly declaring their willingness to negotiate with the perpetrators. They aspire to strike a compromise and retrieve those assets. The assault concentrated on their gmCauldron smart contract, disrupting the manner in which GMX interfaces with Abracadabra’s borrowing arrangement.
