Crypto company “Babylon Finance” closes its operations and explains the reason!
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Answer Crypto company “Babylon Finance” closes its operations and explains the reason!
Ramon Roquero, co-founder of crypto company Babylon Finance, wrote on Medium:
Despite our efforts, we were unable to reverse the negative momentum caused by the Rari/FEI breakout.
“Babylon” is an Ethereum-based protocol that allows users to create investment communities called “parks” that provide profits and returns.
Rokero then explained the actions the company plans to take to halt operations and return funds to users.
Actions include returning both earned and unearned digital tokens, extracting all liquidity from the Uniswap pool, consolidating all remaining treasury holdings, and distributing them between BABL and hBABL holders.
Creating more parks will no longer be possible, and the team also says they will continue working until all the money that was in the parks at the time of the hack is paid.
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Ramon Roquero added:
We believe the responsible and ethical thing to do is to terminate the DAO and return all remaining assets to BABL and hBABL holders.”
The founder also said that the team was operating without pay, in an effort to get back on track for previous Total Locked Value (TVL) growth.
He admitted:
We couldn’t get there.
All operations, including the official website and the company’s Discord account, will be closed on November 15.
In April, Babylon subsidiary Rari Capital, which had earlier merged with Fei Protocol, was hit with an $80 million hack.
Malicious actors exploited a re-entry vulnerability in the Rari Fuse lending protocol, the same vulnerability that was used in Compound attacks.
To rectify the situation, the company offered a $10 million reward if the hacker returned the rest of the money without being asked.
Prior to the Rari hack, the project had access to 30 million TVLs and had 1,500 depositors.
Babylon was launched in 2021 by a team with experience working at Google, Y Combinator, Telefonica and OpenZeppelin.
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The company has raised $1.9 million from investors, including Harvest Finance, Meltem Demirors, Defi Alliance, Joseph Young, and others.
The company positioned itself as the first decentralized asset management protocol where the community owns and drives deposits.
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