TechFlow News, Babylon Finance founder Ramon Recuero announced that Babylon Finance will cease operations starting November 15, and treasury assets will be distributed to BABL and hBABL holders beginning September 6.
Ramon Recuero stated that the hack on Rari Capital at the end of April triggered a chain reaction: first, the protocol lost $3.4 million; second, users withdrew funds equivalent to 75% of the protocol's TVL after the attack; additionally, BABL was no longer permitted as collateral for borrowing.
Currently, Babylon Finance no longer has sufficient funds to support operations beyond November, therefore treasury assets will be distributed starting in September, and all BABL tokens belonging to the team will be returned.Source link
Add to Favorites
Share to Social Media
