Snapshot stories

Abracadabra proposes winding down MIM stablecoin at four cents on the dollar

Abracadabra has proposed liquidating its Magic Internet Money (MIM) stablecoin protocol through a Snapshot vote, offering to pay holders approximately four cents per dollar as the token trades at $0.0446. The team estimates recoverable backing at around $900,000 against $21 million in bad debt, with plans to swap remaining collateral into ether for pro rata distribution.