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Abracadabra Plans Orderly Wind-Down of Protocol, MIM Bad Debt Reaches Approximately $21 Million USD

2026.09.30 - 09:48

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TechFlow reported on September 30 that according to The Block, the Abracadabra governance is considering an orderly termination of the SPELL protocol. Related proposals indicate the protocol currently carries approximately $21 million in bad debt tied to MIM. The proposal recommends liquidating recoverable collateral prior to formal closure and distributing the proceeds to borrowers and MIM holders.

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