The network was exploited via a rounding bug. The stablecoin fell to all-time low but is already on the way to recovering its peg to the U.S. dollar.

The developers of the Abracadabra platform, home of the Magic Internet Money (MIM) and SPELL tokens, have put forward a proposal for a centralized legal entity to take over certain management functions.

The stable coin of the Abracadabra ecosystem has lost its peg to the dollar. The cancellation of the Magic Internet Money (MIM) binding occurred on Friday, at 7:40 pm Eastern time. Eventually, the price of the token collapsed to $0.926 in three hours.