Abracadabra DAO has initiated a vote to shut down its DeFi protocol and liquidate its stablecoin, Magic Internet Money (MIM), following $21 million in bad debt that left only about $900,000 in collateral. The proposal aims to convert remaining assets into Ether and distribute proceeds to MIM holders, though collateral covers less than 5% of MIM's liabilities. This move prioritizes MIM claims over the SPELL governance token, which will hold no value until debts are cleared. If approved, the protocol will begin liquidation and distribution, marking a significant setback after MIM lost its peg and the protocol suffered major losses.
Abracadabra DAO's vote to shut down its protocol and liquidate Magic Internet Money (MIM) provides context for the current crypto market. For readers following cryptocurrency trends, here is Pluang's market snapshot as of Sep 30, 2026 09:02 WIB: out of 50 major cryptocurrencies priced on Pluang, 39 rose and 10 fell today. Notable movers include SAND at Rp793 with a 4.05% increase and a typical hold time of 123 days, AXS at Rp20,609 up 3.77% with 71% sell order activity, and GRT at Rp527 down 3.45% with 54% sell order activity.
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