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Abracadabra Calls On Sushi For Emergency Assistance

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Today’s Cryptocurrency Headline

Abracadabra, the issuer of the algorithmic stablecoin MIM, revealed that the crypto assets worth 10 million US dollars are at risk due to the faulty oracle. It has submitted an urgent proposal to the Sushi Governance Forum, asking the Sushi team to increase interest rates for two Bento vault ‘cauldrons’ holding $10M worth of cvxRenCrv and yvcrvstETH tokens. Abracadabra’s lending infrastructure is built on top of Sushi’s Bentobox protocol, meaning that interest rate changes must be approved by the multi-signature contract that controls Bentobox. Abracadabra said that both tokens are not used in any way on SushiSwap, with cvxRenCrv comprising a token wrapper specifically made for Abracadabra, while yvcrvstETH is an interest-bearing token issued by yield aggregator Yearn Finance.

BingX’s Bitcoin Chart

Source: TradingView & BingX

According to Glassnode, digital asset investment products saw outflows totalling US$23m in a continuation of the negative sentiment seen the previous week. Bitcoin is up 0.95% over the last 24 hours and rose to an intraday high of $16,386.66. The downsloping 20-day EMA ($16,895) and the relative strength index (RSI) in the negative territory indicate that bears are in command. If the BTC/USDT pair drops below the $16,000 price level, the sellers will try to pull the price to the crucial support at $15,476.

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