Abracadabra Proposes Winding Down MIM at Four Cents on the Dollar

1. #0109.30
   Initial2026-09-30 02:13 · publication time

   Abracadabra Proposes Winding Down MIM at Four Cents on the Dollar

   Abracadabra has proposed a Snapshot vote to liquidate the protocol, swap remaining collateral into ether and pay MIM holders pro rata, with only about $900,000 of recoverable backing against $21 million in bad debt — roughly four cents on the dollar.

   Source evidence: The Defiant

2. #0209.30
   Escalation2026-09-30 02:32 · publication time

   【Abracadabra 发起关停协议并清算 MIM 的提案投票，协议坏账约 2100 万美元】

   The Snapshot vote is now open: it began 2026-09-29 05:24 UTC and ends 2026-09-30 17:24 UTC; two addresses have voted, one staking ~100M SPELL in favor and one staking ~523K SPELL against; the proposal also declares SPELL valueless and subordinate to MIM debt.

   State after update: The Abracadabra Snapshot vote to shut down the protocol and liquidate MIM is open from 2026-09-29 05:24 UTC to 2026-09-30 17:24 UTC; votes for and against have been cast; the proposal cites ~$21M bad debt, ~$900K executable collateral, sub-$0.04 effective MIM backing, and declares SPELL valueless.

   Source evidence: foresightnews

3. #0309.30
   Escalation2026-09-30 16:47 · publication time

   Abracadabra blames hacks for shutdown amid ‘looting’ claims

   Abracadabra has moved to wind down the protocol after repeated hacks left its Magic Internet Money stablecoin with 22 million outstanding MIM against roughly $900,000 in actionable backing, prompting accusations of 'treasury looting' over earlier governance actions.

   Source evidence: Protos

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