Sunday, December 4, 2022
 

Babylon Finance Announces That It Is Closing Down in November

  • Babylon Finance will shut down its services on November 15.
  • Treasury assets will be distributed to BABL and hBABL holders.
  • The company will compensate users who had money in the gardens during the attack.

Babylon Finance, a decentralized asset management system, today, made the announcement that it would be closing down on November 15. The platform has not been successful, despite its best efforts, in reversing the huge negative impact that has been caused by the Rari/FEI hack.

The statement was made by Ramon Recuero, the person who created the platform. He also said that treasury assets would be transferred to holders of BABL and hBABL beginning on September 6.

Because of the Rari/FEI exploit, Babylon Finance investment gardens saw a loss of $3.4 million, which resulted in users losing faith in the platform and withdrawing 75% of their total value locked (TVL).

The company has been working tirelessly without a wage for the last several months in an effort to find a solution that would allow them to go back on track with their former TVL development, said Recuero.

Furthermore, he added:

Based on our business model and fees, Babylon needed to reach 50M in TVL to become self-sustainable. We couldn’t get there

Babylon Finance is now removing all of the liquidity from the Uniswap pool in order to stop other individuals from ransacking the remaining liquidity.

The company states: “The team will return all tokens — both vested and unvested. We have not sold a single token and we will not receive a penny from them.”

When the FEI (protocol) reimbursement is finished, the team will continue to conduct all the work required to compensate any users who had money in the gardens at the time of the hack, regardless of whether or not the FEI reimbursement was successful.

  • Babylon Finance will shut down its services on November 15.
  • Treasury assets will be distributed to BABL and hBABL holders.
  • The company will compensate users who had money in the gardens during the attack.

Babylon Finance, a decentralized asset management system, today, made the announcement that it would be closing down on November 15. The platform has not been successful, despite its best efforts, in reversing the huge negative impact that has been caused by the Rari/FEI hack.

The statement was made by Ramon Recuero, the person who created the platform. He also said that treasury assets would be transferred to holders of BABL and hBABL beginning on September 6.

Because of the Rari/FEI exploit, Babylon Finance investment gardens saw a loss of $3.4 million, which resulted in users losing faith in the platform and withdrawing 75% of their total value locked (TVL).

The company has been working tirelessly without a wage for the last several months in an effort to find a solution that would allow them to go back on track with their former TVL development, said Recuero.

Furthermore, he added:

Based on our business model and fees, Babylon needed to reach 50M in TVL to become self-sustainable. We couldn’t get there

Babylon Finance is now removing all of the liquidity from the Uniswap pool in order to stop other individuals from ransacking the remaining liquidity.

The company states: “The team will return all tokens — both vested and unvested. We have not sold a single token and we will not receive a penny from them.”

When the FEI (protocol) reimbursement is finished, the team will continue to conduct all the work required to compensate any users who had money in the gardens at the time of the hack, regardless of whether or not the FEI reimbursement was successful.

 

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