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

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Abracadabra has proposed shutting down its lending protocol and the Magic Internet Money (MIM) stablecoin due to an estimated $21 million in bad debt. Under the proposal, remaining collateral would be converted to ether and distributed pro rata, returning roughly 4 cents per token to MIM holders. If approved, the protocol will cease operations once liquidations are completed.