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- GT Airdrop Is Live! 1.92M GT Burned in Q2, Worth Over $39M
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- 📢 #Gate Square Writing Contest Phase 1# is now officially launched!
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2. Add the tag #Gate Square Writing Contest Phase 1# to your post (minimum of 300 words).
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Essay Content Directio
- 🎉 #Gate xStocks Trading Share# Posting Event Is Ongoing!
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How to Participate:
1️⃣ Follow Gate_Square
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3️⃣ If you share on Twitter, submit post link here: https://www.gate.com/questionnaire/6854
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📅 End at: July 9, 16:00 UTC
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Yesterday Hacked Crypto Project Made Altcoin Purchases: Compensating for Loss! - Coin Bulletin
Following the hack of Abracadabra yesterday, the DAO treasury immediately took action to compensate for half of the loss by acquiring 6.5 million MIM.
Abracadabra allowed users to obtain MIM by providing collateral with the gmCauldrons product or to earn yield as they used their LP tokens. However, the hack incident that occurred yesterday resulted in a significant loss. Other Abracadabra products were not affected.
Abracadabra's gmCauldrons product was garnering significant interest as an important component that allows users to obtain MIM by using their gmTokens as collateral or to leverage LP tokens for yield generation. However, the hack incident that occurred yesterday threatened the security of this product and led to a substantial loss.
Despite this, the remaining products of Abracadabra were not harmed. Immediately after the hack, the DAO treasury compensated for half of the loss by purchasing 6.5 million MIM. With this move, the first 50% of the loss was quickly covered. The remaining part is expected to be completely closed by mid-2025.