Major dollar project shuts down, leaving holders with just 4 cents

The "stablecoin" label is a dangerous myth. Abracadabra is shutting down its MIM protocol, leaving holders with a pathetic $0.04 for every dollar they own. Despite being marketed as a 1:1 USD peg, the coin is 95% unbacked due to repeated hacks and $21 million in bad debt. While borrowers get a fair exit, loyal holders are being forced to swallow a 96% loss. If a "stable" asset can effectively vanish overnight, does DeFi have any future at all? What’s your take?
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