Abracadabra moves to wind down MIM stablecoin with roughly $0.04 payout per token
- —Total MIM collateral is about $1.2 million, with only $900,000 liquid
- —Nearly $22 million of MIM sits outside protocol addresses, $21 million of it unbacked debt
- —Coverage is below $0.04 per token; MIM traded near $0.03 on September 30
- —Unclaimed funds will be redistributed to MIM holders after six months
Why it matters: The wind-down closes one of DeFi's oldest stablecoins and highlights the risks of undercollateralized positions after exploits.
Source: CoinSpot