Emergency Action as Magic Internet Money (MIM) Depegs 50%
Decentralized finance platform Abracadabra said Wednesday that it launched emergency measures after its crypto-collateralized stablecoin, Magic Internet Money (MIM), fell 50% below its $1 peg. “We’re acutely aware of the MIM depeg and are taking emergency actions to remedy the situation,” the team said on Wednesday. It said effective immediately, it will begin gradually “increasing…