Decentralized finance platform Abracadabra initiated emergency measures, including increasing interest rates across its Cauldrons, after its crypto-collateralized stablecoin, Magic Internet Money (MIM), fell 50% below its $1 peg to 49 cents.
StablR's euro and US dollar stablecoins have depegged after an exploit drained $2.8 million, reportedly due to a compromised private key in the minting multisignature account. This incident adds to a growing list of crypto hacks this month.
StablR's Euro and USD stablecoins (EURR, USDR) have depegged due to an exploit where a compromised private key allowed an attacker to mint millions in new tokens. Approximately $2.8 million was extracted after the attacker swapped the minted assets on decentralized exchanges.
Aave's risk management provider LlamaRisk outlined two scenarios for how the $293M Kelp DAO exploit could impact the DeFi ecosystem. Scenario one spreads losses across all rsETH holders resulting in $123.7M bad debt with 15% depeg risk. Scenario two shifts losses to L2 networks creating $230.1M bad debt. Nearly $10B has exited Aave since the Saturday exploit, while Aave's $181M treasury could help cover losses.
