BABL, the native cryptocurrency of Babylon Finance, has lost 92% of its value after the decentralized finance (DeFi) asset management protocol’s founder Ramon Recuero on Wednesday announced plans to shut down its services.
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- The token was trading at US$0.4031 at press time, after free falling from US$5.13 less than 24 hours ago.
- “Despite our efforts, we haven’t been able to revert the negative momentum caused by the Rari/FEI hack,” Recuero said in a blog post.
- DeFi platforms Rari Capital and Fei Protocol suffered a hack in April that amounted to over US$80 million in losses.
- Babylon said it will distribute the remaining treasury among BABL and hBABL holders starting from September 6 and reimburse investors with holdings at the time of the hack.
- Babylon is also “extracting all the liquidity from the Uniswap pool” to stop people from raiding the remaining liquidity.
- The DeFi protocol intends to pull the plug on its services on November 15.
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