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      Abracadabra Proposes Liquidation of MIM at Four Cents on the Dollar

      Abracadabra, a decentralized finance (DeFi) protocol, has announced a proposal to wind down its stablecoin, Magic Internet Money (MIM), at a valuation of four cents on the dollar. The proposal includes a Snapshot vote that would facilitate the liquidation of the protocol, converting any remaining collateral into ether and distributing the proceeds to MIM holders on a pro rata basis.

      The Abracadabra team estimates that the recoverable backing for MIM stands at approximately $900,000, while the protocol is facing $21 million in bad debt. This significant disparity highlights the challenges the protocol has encountered, prompting the decision to propose a structured exit strategy for its users.

      © 2026 KLEA News. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

      Source: KLEA News

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