MIM (aka Magic Internet Money) is the latest stablecoin to blow up. Peg has dropped to as low as 92c and treasury is insolvent. It has a mcap of $220M. The team are buying CRV - a volatile ponzi play. Daniele Sesta says its FUD, while other dev Tetranode

Yet another stablecoin seems to be biting the dust.

MIM is now down ti 96c instead of its peg at $1.

Depegging underway...Chainlink feed shows price has crashed to 92c

MIM is run by the abracadabra money project, where infamous Daniele Sestagalli and 0xSifu are/were the leads for this.

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Daniele has in classic style brushed this off as \"you are you are spreading FUD\"

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Tetranode is also involved in these schemes, and he has posted a goodbye message just a few hours ago.

Apparently MIM treasury to backstop its peg went and bought CRV - a reflexive highly volatile token that is based on extreme ponzinomics. As if backing stables with algorithms didnt cause enough carnage already, this one has gone and spent the treasury to aquire CRV.

Buying CRV gives governance power over Curve emissions (i.e incentivize new users to partake in the ponzi), but that is really not going to be enough in a volatile market as now where everything is melting down. A better play would have been just paying off debts and ensuring stability of the stablecoin till markets recover a bit.. Curve is totally unproven except in a bull market, and it has high possibility of leading to cascading liquidations when the tides are turning around like now