CoinMeta Data: The Abracadabra project has proposed an orderly liquidation due to a series of security incidents, stating that its stablecoin MIM no longer has a feasible path to return to par. Voting will conclude on Wednesday evening, and so far only two votes have been received: 100 million in favor and 500,000 against. According to the proposal, the protocol once had a market value of $6 billion at its peak, but currently there is only a supply of 22 million MIM, with only $900,000 in available support, resulting in the stablecoin, which was supposed to be pegged to the US dollar, now worth only $0.04. Co-founder of the trading strategy, Mikko Ohtamaa, referred to this move as "treasury plunder." The project has experienced multiple hacker attacks since 2021, with the most recent one in January 2024 causing a loss of $6.5 million. The proposal does not mention any related funds, nor does it consider the redemption of these funds, directly indicating that "it is impossible to peg MIM" again, and stating that "there is no prospect for the protocol to operate or grow again."