Abracadabra Proposes Winding Down MIM at Four Cents on the Dollar
- —Recoverable backing estimated at ~$900,000 versus $21 million in bad debt
- —MIM holders would receive roughly four cents on the dollar
- —Remaining collateral would be swapped into ether and distributed pro rata
Why it matters: Winding down MIM at four cents on the dollar would lock in steep losses for holders and mark one of DeFi lending's deepest failures.
Source: The Defiant