Abracadabra Community Initiates Orderly Protocol Wind-Down and MIM Liquidation Proposal

The Abracadabra community is voting on a proposal for the orderly shutdown of the protocol and its stablecoin MIM (Magic Internet Money). The proposal notes that, affected by factors such as multiple previous hacking attacks, the protocol currently holds approximately $21 million in bad debt. With the circulating MIM supply nearing $22 million and recoverable collateral valued at only around $900,000, the effective asset reserve ratio has fallen below 4%, leaving no viable path to restore the peg.