Abracadabra breaks its DAO to shut down protocol
- —Quorum cut from 3 billion to 300 million SPELL, worth roughly $26,000
- —Two addresses voted; 296 million votes came from the MIM treasury wallet
- —Proposal author bought 40 million SPELL with USDC and 59.5 million with WETH from treasury
- —September plan valued MIM backing at $900,000, offering four cents on the dollar
Why it matters: The case shows how unreachable Snapshot admin keys and a diluted quorum let a treasury wallet push through a shutdown against MIM holders' interests.
Source: Protos