MIMSPELL
MIMSPELL
A security incident took MIM off its peg, and a stablecoin that loses its peg takes its holders down with it. What follows is the whole truth, written in two pages: the spell that failed, and the one that replaces it.
A recent security incident struck the protocol, and its consequence was the one no stablecoin survives: MIM lost its peg. The exploit itself is a paragraph in a post-mortem. The depeg is the sentence that matters - because it was written on the balances of everyone holding the token.
We are a shadow of our former selves, and we know it. The protocol that once stood at the center of this corner of DeFi is not that protocol anymore, and no amount of nostalgia changes what the ledger says.
To the community and to every investor affected: a depeg is not weather that happens to users. It is a failure that happens to them. The security of this protocol was our responsibility, and the loss it caused is ours to answer for.
We are sorry - plainly, specifically, and without routing the blame through the incident report.
Spell is being rebuilt from scratch - a new token on new contracts, created on both Ethereum and Base. And because the old spell failed its holders, the new one begins by making them whole: due to the depeg, every user, past and present, chooses their reimbursement.
Take your claim in the relaunched Spell token - the rebuild, credited to the people who survived the depeg.
Prefer certainty over the rebuild? Take your claim in stablecoins, paid straight to your wallet.