11-09-2022, 03:46 AM
Another domino is about to fall. MIM (Magic Internet Money) lost its parity with the
<table> <tr><td> <a href="https://www.reddit.com/r/CryptoCurrency/comments/ypnohb/another_domino_is_about_to_fall_mim_magic/"> <img src="https://external-preview.redd.it/wTQVQYCSkEvIrKLGjNCKuIAvcoGFfJZc8bb_34zhsNo.jpg?width=640&crop=smart&auto=webp&s=1bbe78dc74d88786029d0aaf00eb74d82642ded5" alt="Another domino is about to fall. MIM (Magic Internet Money) lost its parity with the US dollar" title="Another domino is about to fall. MIM (Magic Internet Money) lost its parity with the US dollar" /> </a> </td><td> <!-- SC_OFF --><div class="md"><p>Sorry guys, just another bad news I'm reporting.</p> <p>MIM ( Magic Internet Money) lost its parity with the US dollar. Now trading at ~ 98 cents after falling to ~ 95 cents.</p> <p><a href="https://preview.redd.it/ke3mfuajkqy91.png?width=1682&format=png&auto=webp&s=371ed81b4a2fb5d7c25b8aadb52181820c163836">https://preview.redd.it/ke3mfuajkqy91.png?width=1682&format=png&auto=webp&s=371ed81b4a2fb5d7c25b8aadb52181820c163836</a></p> <p>Why you might ask. Because the protocol (Abracadabra) allows Alameda to borrow $26m MIM by the collateral, which is FTT print out of thin air.</p> <p>Per The Block report, Alameda used $126m FTT to borrow $26m MIM. The chance of being liquidated is slim, but when things keep going crazy like this, anything could happen.</p> <p><a href="https://www.theblock.co/post/184109/mim-stablecoin-slightly-loses-dollar-parity-amid-fears-of-partial-ftt-backing">https://www.theblock.co/post/184109/mim-stablecoin-slightly-loses-dollar-parity-amid-fears-of-partial-ftt-backing</a></p> <p>It just seems to me those clowns: Celsius, 3AC, Alameda were leveraged everywhere chasing yields. They could not even control the risk and now got rekt.</p> <p>Again, withdraw your assets from FTX ASAP.</p> </div><!-- SC_ON --> submitted by <a href="https://www.reddit.com/user/hoanglpr"> /u/hoanglpr </a> <br/> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/ypnohb/another_domino_is_about_to_fall_mim_magic/">[link]</a></span> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/ypnohb/another_domino_is_about_to_fall_mim_magic/">[comments]</a></span> </td></tr></table>
<table> <tr><td> <a href="https://www.reddit.com/r/CryptoCurrency/comments/ypnohb/another_domino_is_about_to_fall_mim_magic/"> <img src="https://external-preview.redd.it/wTQVQYCSkEvIrKLGjNCKuIAvcoGFfJZc8bb_34zhsNo.jpg?width=640&crop=smart&auto=webp&s=1bbe78dc74d88786029d0aaf00eb74d82642ded5" alt="Another domino is about to fall. MIM (Magic Internet Money) lost its parity with the US dollar" title="Another domino is about to fall. MIM (Magic Internet Money) lost its parity with the US dollar" /> </a> </td><td> <!-- SC_OFF --><div class="md"><p>Sorry guys, just another bad news I'm reporting.</p> <p>MIM ( Magic Internet Money) lost its parity with the US dollar. Now trading at ~ 98 cents after falling to ~ 95 cents.</p> <p><a href="https://preview.redd.it/ke3mfuajkqy91.png?width=1682&format=png&auto=webp&s=371ed81b4a2fb5d7c25b8aadb52181820c163836">https://preview.redd.it/ke3mfuajkqy91.png?width=1682&format=png&auto=webp&s=371ed81b4a2fb5d7c25b8aadb52181820c163836</a></p> <p>Why you might ask. Because the protocol (Abracadabra) allows Alameda to borrow $26m MIM by the collateral, which is FTT print out of thin air.</p> <p>Per The Block report, Alameda used $126m FTT to borrow $26m MIM. The chance of being liquidated is slim, but when things keep going crazy like this, anything could happen.</p> <p><a href="https://www.theblock.co/post/184109/mim-stablecoin-slightly-loses-dollar-parity-amid-fears-of-partial-ftt-backing">https://www.theblock.co/post/184109/mim-stablecoin-slightly-loses-dollar-parity-amid-fears-of-partial-ftt-backing</a></p> <p>It just seems to me those clowns: Celsius, 3AC, Alameda were leveraged everywhere chasing yields. They could not even control the risk and now got rekt.</p> <p>Again, withdraw your assets from FTX ASAP.</p> </div><!-- SC_ON --> submitted by <a href="https://www.reddit.com/user/hoanglpr"> /u/hoanglpr </a> <br/> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/ypnohb/another_domino_is_about_to_fall_mim_magic/">[link]</a></span> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/ypnohb/another_domino_is_about_to_fall_mim_magic/">[comments]</a></span> </td></tr></table>