Abracadabra blames hacks for shutdown amid ‘looting’ claims
DeFi project Abracadabra has proposed an orderly wind-down, citing a string of security incidents that have left its stablecoin MIM with no viable path back to parity. The protocol, which once had a $6 billion TVL, now has $22 million in outstanding MIM supply against only $900,000 in actionable backing, making MIM worth $0.04. The decision follows multiple past exploits totaling $21 million in bad debt, and recent accusations of treasury 'looting' involving significant asset movements.
Source: Protos (opens in a new tab)