Abracadabra Shuts Down Amid Accusations of Treasury Looting

Abracadabra, a one-time $6 billion DeFi protocol, has proposed an orderly wind-down due to a series of security incidents that have left its stablecoin MIM with 'no viable path back to parity.'

The proposal was met with just two votes at the time of writing: 100 million SPELL votes for and 0.5 million against.

Abracadabra's stablecoin MIM has 22 million outstanding supply but only $900,000 worth of 'actionable backing,' leaving it worth a mere $0.04.

Trading Strategy co-founder Mikko Ohtamaa calls the move 'treasury looting.'