Abracadabra Moves to Shut Down MIM Stablecoin, Offering Holders Roughly 4 Cents per Token

Abracadabra is moving to shut down its MIM stablecoin, with a Snapshot vote closing Wednesday to liquidate most of the lending protocol's remaining collateral into ether. The team found about $21 million in bad debt, and holders would receive roughly 4 cents per token in the wind-down.