Another domino is about to fall. MIM (Magic Internet Money) lost its parity with the US dollar
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Sorry guys, just another bad news I’m reporting.
MIM ( Magic Internet Money) lost its parity with the US dollar. Now trading at ~ 98 cents after falling to ~ 95 cents.
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.
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.
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.
Again, withdraw your assets from FTX ASAP.
submitted by /u/hoanglpr
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