Abracadabra, the defi project behind the Magic Internet Money (MIM) stablecoin, is shutting down. It blamed its string of hacks: , , and , which altogether left about $21 million in bad debt. According to the shutdown proposal, 22 million MIM are in circulation, backed by just $900,000 in "actionable backing" which puts the supposedly dollar-pegged token at about $0.04. Two wallets voted on the proposal.$6.5 million theft in January 2024$13 million in March 2025$1.8 million in October 2025
In June, a similarly low-participation vote handed "stewardship" of the project to a different group which promised to "revitalize" Abracadabra. Days later, treasury wallets sold around $500,000 worth of MIM. In July, the project tweeted that a roadmap to restore the peg was "coming this week," then never posted again. A week after that tweet, Abracadabra-controlled wallets moved about $8.3 million in treasury assets with no explanation, some of it to a Binance deposit address, in what one commentator called "treasury looting". The wind-down proposal doesn't mention the $8.3 million or count it toward what MIM holders could redeem.