[Abracadabra Initiates Proposal to Shut Down Protocol and Liquidate MIM, with $21 Million in Bad Debt] Foresight News reports that Abracadabra, the decentralized finance lending platform behind the MIM stablecoin, has initiated a Snapshot proposal vote to shut down the protocol and liquidate MIM. The vote was launched 21 hours ago and will conclude in 15 hours. The proposal states that after a series of hacking incidents, MIM's funds are severely insufficient, and there is currently no viable recovery plan. As of today, the total collateral for MIM debt is approximately $1.2 million, with about $300,000 stored in the Arbitrum WETH collateral pool. Therefore, the executable collateral for MIM is around $900,000. The protocol has approximately $21 million in bad debt, and MIM's effective backing is less than $0.04 per token (over 95% unbacked). The proposal also states that SPELL's value will be reduced to zero: 'As a CDP stablecoin, MIM represents a liability for the protocol, and thus it takes priority over the governance token SPELL. Until MIM's liabilities are fully cleared, SPELL tokens hold no accounting value.' The vote began on September 29 at 05:24 UTC and will end on September 30 at 17:24 UTC. Two addresses have participated in the vote: one address voted in favor, staking approximately 100 million SPELL; the other address voted against, staking approximately 523,000 SPELL. The proposal was submitted by an address not listed as an administrator or member of the Snapshot space. Abracadabra's X account has not posted any updates since July 6.