According to CoinMeta, the Abracadabra community has proposed a governance proposal for an orderly shutdown. It is stated that after multiple attacks, MIM has become severely insolvent and there is no feasible path for re-anchoring. Currently, there are approximately $900,000 in collateral assets that can be used to support MIM, while there are around 22 million MIM coins in circulation outside of the protocol address, corresponding to bad debts of about $21 million. The actual support value is less than $0.04 per coin. According to the plan, the team will try their best to retrieve the collateral from Cauldron and convert it uniformly into ETH, which will then be distributed proportionally to borrowers and holders of MIM. Based on current estimates, holders of MIM should initially receive about $0.04 per coin. After the liquidation is completed, Abracadabra will cease operations, and contract positions that cannot be modified can still be exited on-chain.