Abracadabra Proposes Shutting Down MIM Stablecoin with $0.04 Payout Plan

The Abracadabra team has proposed shutting down its lending protocol and the Magic Internet Money (MIM) stablecoin, citing severe under-backing following multiple hacks. The proposal, which faces a vote closing at 1:24 p.m. ET on Wednesday, suggests that MIM is over 95% unbacked, with an effective value of less than $0.04 per token. Under the plan, the protocol would reclaim collateral from its lending markets, swap it into ether, and distribute the remaining funds pro rata to MIM holders. A snapshot for the distribution is scheduled for no earlier than October 15.