FORM
−0.8%Abracadabra proposes winding down MIM at about four cents per token
Image: UnchainedAbracadabra has proposed winding down its Magic Internet Money stablecoin and settling obligations at roughly four cents per token. MIM has lost more than 95% of its $1 peg, with the protocol citing hacks and bad debt and describing it as severely under-backed with no viable path back to parity. Holders would receive a pro rata share of remaining collateral. Voting on the proposal has started, with one address casting about 100 million in voting power in favor.
Key points
- Abracadabra has proposed winding down the MIM stablecoin and settling obligations at roughly four cents per token.
- MIM's earlier troubles included a January 2024 exploit that created bad debt and knocked it off its peg.
Why it matters
MIM holders face recovery of about four cents per token, while positions in immutable cauldrons remain withdrawable onchain. The proposal states MIM ranks above the SPELL governance token until that liability is served.
What's unclear
The reports give different MIM prices: roughly $0.0446 in mid-September 2026 and near $0.029 on the day of the vote.
Whether the wind-down proposal will pass, as only two wallets had voted when the report was published.
Price context · FORM
At publication
$0.2869
Now
$0.2923
Change since
+1.90%
7 days · dashed line = publication
Sources · 3 publishers
Crypto Briefing
Tier 2
Abracadabra proposes winding down MIM at four cents on the dollar
Unchained
Tier 1
Abracadabra Moves to Shut Down MIM Stablecoin, Offering Holders Roughly 4 Cents per Token
Coverage timeline
- First reported by The Defiant
- Confirmed by Crypto Briefing
- CryptoVideos brief published
How this brief was made. Our system found this event in 3 independent publications, summarised two complete reports with AI and checked every number above against the source text. Sources are linked in full. Not financial advice. Report an error
