Abracadabra Money MIM Depeg June 2026
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anchored·TCjdcA…5RHbSummary
Abracadabra Money's Magic Internet Money (MIM) stablecoin experienced a severe depeg event in June 2026, falling from its $1 target to approximately $0.43–$0.50, a collapse of over 50%. The crisis built over ten days beginning June 15, 2026, and was accompanied by $994 million in cross-market liquidations and a broader crypto market downturn. Emergency measures launched June 25 — including sharply raised Cauldron interest rates and suspended Curve bribes — represent the protocol's fourth major stability incident since 2024.
Connected Entities
1 entitiesTimeline(9 events)
May 2021
Abracadabra Money launched by Daniele Sestagalli and anonymous co-founders 0xMerlin and Squirrel. MIM stablecoin minting against yield-bearing crypto collateral begins.
BeInCrypto / Gemini Cryptopedia2022
On-chain analyst ZachXBT reveals Wonderland Money CFO Sifu is Michael Patryn, co-founder of QuadrigaCX and convicted fraudster. SPELL and TIME prices crash. Sestagalli admits knowing for approximately one month prior.
Vice / CoinTelegraph30 January 2024
Smart contract exploit targeting Cauldron V3 and V4 via rounding error in debt accounting drains approximately 2,740 ETH and 2.2 million MIM tokens — estimated loss approximately $6.4–$6.5 million. MIM briefly depegs.
CoinMarketCap Academy / Neptune MutualMarch 2025
Flash loan attack targeting Cauldrons integrated with GMX liquidity pools drains approximately 6,262 ETH valued at approximately $13 million. Represents Abracadabra's second major exploit.
The Block4 October 2025
Third exploit in under two years: attacker exploits Cauldron V4 cook() function vulnerability to drain approximately 1,793,755 MIM (~$1.8 million) using six attacker-controlled addresses. Stolen ETH laundered via Tornado Cash.
The Block / Halborn15 June 2026
MIM trades at approximately $0.82, an 18% deviation from its $1 peg. Abracadabra injects $100,000 of protocol-owned liquidity into a new Curve Finance MIM pool in response to liquidity outflows.
CryptoRank / Crypto Briefing18 June 2026
Abracadabra announces liquidity incentive program distributing 140 million SPELL tokens to MIM/Curve pool liquidity providers. The measure fails to halt the depeg.
Crypto Briefing24 June 2026
MIM collapses from approximately $0.85–$0.88 to approximately $0.49–$0.50, with an intraday low of approximately $0.43. Trading volumes spike over 2,500%. Cross-market liquidations across crypto markets exceed $994 million. Bitcoin tests $60,000 support.
Crypto Times / Grafa / Crypto Adventure25 June 2026
Abracadabra issues emergency statement and implements emergency measures: interest rates raised across all Cauldrons including deprecated ones; Curve bribes and direct incentives suspended until peg is restored. MIM begins partial recovery toward approximately $0.95.
Crypto Times / CoinPaper / crypto.newsDecision Log
- hash: CjDCSqrbTp2BemnVXYAHtdw24Z8LbsU6c1ib6PBXob2G
This investigation is cryptographically anchored to the Solana blockchain (1 event). 22 of 23 cited source URLs have an Internet Archive snapshot.
model: claude-code-investigator
generated: 6/29/2026, 12:09:39 PM
last updated: 9/1/2026, 4:46:03 AM
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