Will Magic Internet Money [MIM] become the latest domino to fall
ambcrypto.comThe latest victim of the crypto crash looks set to be Abracadabra’s a U.S. dollar-pegged stablecoin Magic Internet Money (MIM). The talks of the de-pegging started to spread on 17 June. However, the Abracadabra founder still remains stern about the situation being in control.
MIM is the latest stablecoin to lose its peg against the dollar during the ongoing crypto winter. The native stablecoin of the Abracadabra DeFi platform, MIM started to de-peg on 17 June and dipped to $0.909 as of 18 June.
The calls for insolvency have been exacerbated after a sharp decline in the market. With a market cap of over $300 million, this would be a major setback in the crypto community.
Source: CoinMarketCap
Stating an insider scoop, a Twitter handle Autism Capital with 54.7k followers recently revealed that “MIM may be nearly insolvent.” The Twitter thread claimed that Abracadabra had $12 million of “bad debt” after the Terra crash. The inability to liquidate holdings during the crash was cited for the debt by officials.
<p lang=«en» dir=«ltr» xml:lang=«en»>We have a scoop from one of our associate autists: MIM (Magic Internet Money) may be nearly insolvent. MIM is one of the larger stablecoins, with a market cap of ~$300M.We can't believe that a project called Magic Internet Money has been acting irresponsibly either.
Details:
— Autism Capital
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