According to CoinMeta, the Abracadabra team has proposed to shut down their lending protocol and the stablecoin of Magic Internet Currency (MIM). Owners of MIM are expected to recover about 4 cents per token. The proposal was released on September 29th, and the snapshot voting will end at 1:24 p.m. (Eastern Time) on Wednesday. As of Wednesday morning, two wallets had voted; the address that submitted the proposal held approximately 100 million voting rights, while another wallet voted with about 523,000 voting rights. The proposers currently hold 99.5% of the voting rights. In the proposal, the team stated that after a series of hacker attacks, MIM "seriously lacks support and is unable to return to par." The total value of collateral for MIM debts is about 1.2 million US dollars, but about 300,000 US dollars of this is locked in an immutable Arbitrum WETH furnace, with an interest rate that cannot be changed. The team has access to about 900,000 US dollars of collateral. There is approximately 22 million US dollars in addresses outside of the protocol. The team estimates the shortfall to be "about 21 million US dollars in bad debt" and added that "the effective support for MIM is below 0.04 US dollars (& gt; 95% has no support)." According to CoinGecko data, the trading price of MIM was close to 0.029 US dollars on Wednesday.