News linked to both this project and an event.
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.
According to an official announcement, Pyra stated that, after evaluating all viable options, the company has decided to wind down its operations. The official statement noted that the Drift vulnerability exploit severely impacted its business and users; although the company had continuously sought ways to remain operational over the past several months, it ultimately failed to identify a sustainable path forward.