Abracadabra DAO is voting on a proposal to close its lending protocol and liquidate the Magic Internet Money (MIM) stablecoin due to $21 million in bad debt causing severe undercollateralization. The stablecoin's backing is now worth less than 4 cents per MIM token, with over 95% unsupported by collateral. The proposal also states that the governance token SPELL holds no value until MIM's liabilities are fully repaid. The vote began on September 29 and will close on September 30, with initial votes showing mixed support.
Abracadabra DAO's current situation involves a significant $21 million debt in its Magic Internet Money stablecoin. For readers following the broader cryptocurrency market, here is Pluang's market snapshot as of Sep 30, 2026 09:02 WIB: out of 50 major cryptocurrencies, 39 rose and 10 fell today. Notable movers include AVAX with a price of Rp205.302 and a 1-day change of +8.47%, EOS at Rp12.649 with +8.13%, and SUSHI at Rp4.801 with +7.60%.
Abracadabra has proposed liquidating its decentralized lending protocol, which would result in MIM stablecoin holders recovering only about 4 cents per dollar of debt, reflecting a 96% loss. The proposal estimates recovering $900,000 in assets agains...
Jeonbuk Bank, part of JB Financial Group in South Korea, successfully completed a proof of concept for cross-border remittance using stablecoins on the Solana blockchain. The test involved a private Solana channel to keep transaction details confiden...
Brazil's Central Securities Depository, CSD BR, which manages over BRL 22 trillion in assets, has partnered with Ripple to mirror securities ownership data on the XRP Ledger. This integration involves real fund shares from BTG Pactual, a leading Lati...
Magic Internet Money (MIM), a once-popular DeFi stablecoin from Abracadabra, has lost over 95% of its $1 peg, trading around 4.46 cents as of September 2026. After a sharp decline starting mid-2026 and failed stabilization efforts, Abracadabra now pr...
Abracadabra has proposed to wind down the MIM protocol, which would liquidate its remaining collateral and convert it into Ether (ETH) to pay MIM holders. The proposal estimates about $900,000 in recoverable assets against $21 million in bad debt, im...
