Magic Internet Money
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anchored·4o8U4g…RTPNSummary
Abracadabra Money is a DeFi lending protocol that issues Magic Internet Money (MIM), a USD-pegged stablecoin minted against interest-bearing collateral, governed by the SPELL token. The protocol has experienced three confirmed smart contract exploits between January 2024 and October 2025 totaling over $21 million in losses, multiple MIM depegging events triggered by collateral failures and hacks, and a severe governance credibility crisis in early 2022 after its affiliated Wonderland project's treasury manager was revealed to be a convicted felon and QuadrigaCX co-founder. SPELL has declined over 99.7% from its all-time high and the protocol's TVL has fallen from a 2021 peak in the billions to under $10 million as of mid-2026.
Connected Entities
18 entities · 60 linked investigations- Daniele Sestagalli→member of→Magic Internet Money(95%)
- Michael Patryn→member of→Magic Internet Money(90%)
- Wonderland→associated with→Magic Internet Money(90%)
- Popsicle Finance→associated with→Magic Internet Money(85%)
- QuadrigaCX→associated with→Magic Internet Money(80%)
- Daniele Sestagalli→controls→Wonderland(90%)
- Daniele Sestagalli→controls→Popsicle Finance(85%)
- Michael Patryn→member of→Wonderland(90%)
- Michael Patryn→member of→QuadrigaCX(85%)
- Ethereum→mentioned with→Bitcoin(60%)
- + 41 more
Timeline(16 events)
June 2021
Abracadabra Money launches, introducing MIM stablecoin and SPELL governance token
Gemini CryptopediaAugust 2021
Popsicle Finance (sister Frog Nation project) exploited for $20.7 million via Sorbetto Fragola pool vulnerability
Phemex AcademyNovember 2021
SPELL token reaches all-time high of approximately $0.075; Abracadabra TVL peaks at billions in managed assets
CryptoNews SPELL Price Prediction26 January 2022
Wonderland's TIME token collapses to a low of $420 after a $8.4 million withdrawal from the multi-sig treasury sparks liquidation cascade
CoinDesk27 January 2022
ZachXBT publicly identifies Wonderland treasury manager 0xSifu as Michael Patryn (Omar Dhanani), convicted felon and QuadrigaCX co-founder; TIME, SPELL, and ICE all crash
CoinDesk27 January 2022
Sestagalli publicly confirms he knew Sifu's identity before the disclosure and chose not to inform the community
CoinDesk28 January 2022
Community votes 88% in favor of removing Sifu as Wonderland treasury manager
BeInCryptoFebruary 2022
Sestagalli announces Wonderland's closure despite community snapshot vote narrowly favoring continuation, overriding DAO governance outcome
BeInCrypto18 June 2022
MIM stablecoin drops to $0.914 amid Terra/LUNA contagion; Autism Capital alleges $12 million in bad debt from UST lending market exposure
CoinTelegraph8 November 2022
MIM depegs to approximately $0.952 as FTX collapses; FTT tokens comprising an estimated 33–35% of Abracadabra cauldron collateral become near-worthless
CoinDeskNovember 2022
Abracadabra community votes on AIP #10 bad debt repayment plan; protocol commits to repaying 5% of bad debt monthly from treasury fee revenue over 20 months
Abracadabra ForumAugust 2023
SPELL records then-all-time low of approximately $0.0003498
CryptoNews SPELL Price Prediction30 January 2024
Abracadabra exploited for $6.5 million via Cauldron V3/V4 rounding vulnerability on Ethereum; MIM crashes to $0.76
CoinDesk25 March 2025
Abracadabra exploited for approximately $13 million via self-liquidation flash loan attack targeting GMX V2 GM pool cauldrons on Arbitrum; 6,260 ETH stolen across 56 transactions
CoinDesk4 October 2025
Abracadabra exploited for $1.8 million via cook() function logic error in deprecated Cauldron V4 contracts; funds laundered via Tornado Cash
Halborn6 February 2026
SPELL records new all-time low of approximately $0.0001648
CryptoNews SPELL Price PredictionDecision Log
- hash: EnWC9DQmVfzCdKpCrX5S5MEBdFGMUgkwphUkTRiKfsd6
This investigation is cryptographically anchored to the Solana blockchain (1 event). 25 of 29 cited source URLs have an Internet Archive snapshot.
model: claude-sonnet-4-6
generated: 5/14/2026, 5:07:36 AM
last updated: 7/25/2026, 7:53:45 PM
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