Abracadabra Proposes Winding Down MIM at Four Cents on the Dollar

1. #0109.30
   Initial2026-09-30 02:13 · publication time

   Abracadabra Proposes Winding Down MIM at Four Cents on the Dollar

   Abracadabra has proposed a Snapshot vote to liquidate the protocol, swap remaining collateral into ether and pay MIM holders pro rata, with only about $900,000 of recoverable backing against $21 million in bad debt — roughly four cents on the dollar.

   Source evidence: The Defiant

2. #0209.30
   Escalation2026-09-30 02:32 · publication time

   【Abracadabra 发起关停协议并清算 MIM 的提案投票，协议坏账约 2100 万美元】

   The Snapshot vote is now open: it began 2026-09-29 05:24 UTC and ends 2026-09-30 17:24 UTC; two addresses have voted, one staking ~100M SPELL in favor and one staking ~523K SPELL against; the proposal also declares SPELL valueless and subordinate to MIM debt.

   State after update: The Abracadabra Snapshot vote to shut down the protocol and liquidate MIM is open from 2026-09-29 05:24 UTC to 2026-09-30 17:24 UTC; votes for and against have been cast; the proposal cites ~$21M bad debt, ~$900K executable collateral, sub-$0.04 effective MIM backing, and declares SPELL valueless.

   Source evidence: foresightnews

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