Well that sure is a headline I just had to write.The Magic Internet Money ($MIM) stablecoin has lost its dollar peg again, dipping all the way below $0.77 in a flash crash before returning to around $0.95.The depeg appears to be related to an exploit of the Abracadabra lending protocol, which allows people to borrow $MIM. An attacker exploited an apparent flaw in the platform’s smart contracts to drain around $6.5 million.This is the second time the token has depegged, after a June 2022 incident shortly after the Terra collapse.

Total loss estimated at $6,490,000.