Abracadabra has proposed winding down its MIM stablecoin protocol through a Snapshot vote that would liquidate remaining assets and distribute proceeds to token holders. Under the plan, leftover collateral would be swapped into Ether and paid out pro rata, offering MIM holders approximately four cents on the dollar. The proposal reveals a significant shortfall in protocol backing, with the team estimating only $900,000 in recoverable collateral against $21 million in bad debt. The wind-down aims to return whatever value remains to MIM holders as the protocol faces insolvency.