Abracadabra's community has proposed liquidating the protocol following repeated attacks that left its Magic Internet Money (MIM) token severely undercollateralized and unable to regain its peg. The current collateral backing MIM is estimated at $900,000, while about 22 million MIM tokens are circulating, creating a $21 million shortfall and valuing each token at less than $0.04. The liquidation plan involves converting collateral assets into Ether (ETH) and distributing proceeds proportionally to borrowers and MIM holders, who would initially receive about $0.04 per token. After liquidation, Abracadabra will cease operations, though some contract positions will remain accessible for users to exit on-chain.
Abracadabra's MIM token situation is the subject, with Pluang market data providing context. As of Sep 30, 2026 09:02 WIB, 39 of 50 major cryptocurrencies on Pluang rose, 10 fell. Notable moves include SAND at Rp793 (+4.05%, 40% Sell / 60% Buy), AXS at Rp20.609 (+3.77%, 71% Sell / 29% Buy), and GRT at Rp527 (-3.45%, 54% Sell / 46% Buy).
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