Abracadabra Proposes Shutdown Following Security Breaches

DeFi protocol Abracadabra has proposed an orderly wind-down after a series of hacks left its stablecoin, Magic Internet Money (MIM), with insufficient backing. The protocol, which once held $6 billion, now reports only $900,000 in actionable backing for $22 million in outstanding supply, causing the stablecoin to trade at $0.04. Critics have labeled the move as treasury looting, citing questionable governance activity.