DeFi protocol Abracadabra has proposed an « orderly wind down », blaming a series of security incidents that left its Magic Internet Money (MIM) stablecoin « with no viable path back to parity ». The once $6 billion protocol now holds only $900,000 in « actionable backing » to support 22 million outstanding MIM, leaving the supposedly dollar-pegged stablecoin worth just $0.04. A series of hacks between January 2024 and October 2025 resulted in $21 million in bad debt, and Trading Strategy co-founder Mikko Ohtamaa called the process « treasury looting » after over $8 million was moved to a Binance deposit address and an unlabelled address. The wind-down proposal, which does not account for these funds, received just two votes at closing.
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