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 against $21 million in bad debt. A Snapshot vote will decide if the liquidation proceeds. If approved, remaining collateral will be converted to Ether (ETH) to repay creditors proportionally from the recovered assets.
Abracadabra's proposed liquidation and the resulting 96% shortfall for MIM holders provide context for cryptocurrency market conditions. For readers following major cryptocurrencies on Pluang, here is the market snapshot as of Sep 30, 2026 09:02 WIB: out of 50 priced assets, 39 rose and 10 fell today. Notably, SAND (The Sandbox) rose 4.05% to Rp793 with a typical hold time of 123 days and a 60% buy order activity, contrasting with GRT (The Graph), which fell 3.45% to Rp527 with 54% sell orders.
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 cent...
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...
