The founder of Babylon Finance confirmed that the team is not able to run the project because of the huge negative impact because of the hack attack on the platform.
Babylon Finance is a community-led crypto asset management decentralized protocol, which allows platform users to invest in Defi together. This platform is built on the Ethereum network and platform helps crypto projects to raise funds for better concepts or business models. Recently the platform faced a hacking attack in which the platform lost around $3.4 million worth of crypto assets and that degraded the interest of crypto investors in the platform badly.
On 31 August, Ramon Recuero, founder of Babylon Finance, took to Twitter to inform the crypto community that the team is shutting down the Babylon Finance platform because the team is not able to compensate the negative impact on the platform, which arose because of the hack attack on the platform.
1/ Babylon Finance is Shutting Down
Despite our efforts, we haven’t been able to revert the negative momentum caused by the Rari hack.
Market hasn't helped.https://t.co/Qgb5XM33ZX
— Ramon Recuero |
Market hasn't helped.
TLDR below
(@ramonrecuero)
Babylon’s founder noted that the Rari hack plunged the Total Value Locked (TVL) in the platform from $30 million to $4 million. And also the hack resulted in the out of $10 million lending funds from the platform at once.
According to Ramon, in the current situation, Babl tokens can’t be used in the form of collateral, and the price of Babl tokens is not in great condition, which can help to raise funds.
Further, Ramon said that for the last few months, the team has been working blindly without any salary to get out of this situation. The platform needed $50 million TVL at least to sustain its business but unfortunately, the team couldn’t do it.
In the end, the Babylon Finance founder admitted that they failed to run the business and now the team & founders are not able to get out of this situation, so the team will distribute all the funds to the Babl token holders.
The official website of Babylon Finance will run till 15 November 2022 and the platform’ Strategists and garden managers urged to unwind their positions before that date.
8/ Babylon Website will continue running until November 15th.
Strategists and garden managers need to unwind their positions before that date.
Deposits and new garden creation are now disabled in the UI.
— Ramon Recuero |
Read also: Celsius wants to return funds to some users
Babylon Finance decides to shut down the project
https://bitcoinik.com/babylon-finance-decides-to-shut-down-the-project/feed/
https://bitcoinik.com/babylon-finance-decides-to-shut-down-the-project/feed/
🚀🚀Get ready for the biggest ICO of 2022.
✅ICO Round 1 & 2 are Sold Out
✅ICO= Initial Coin Offering. Where you can purchase tokens at base price.
✅ICO has different rounds with different price.
✅Round-1 price: $0.0005 (Sold Out)
✅Round-2 price: $0.001 (Sold Out)
✅Round-3 price: $0.002
✅Round-4 price: $0.004
✅Round-5 price: $0.008
👉ICO will be finished on September 15, 2022.
👉Trading will start after ICO completion.
🚀🚀EXCHANGE LISTING PRICE: $0.02 per KST. That is 40x than ICO Round-1 (Seed round)🚀🚀
👩🏻💻For more details pls read pdf in marketing tools section in dashboard.
#koinswap #kst #nft #metaverse #blockchain
𝙍𝙀𝙂𝙄𝙎𝙏𝙍𝘼𝙏𝙄𝙊𝙉 𝙇𝙄𝙉𝙆👇🏽
https://koinswap.io/register?referralcode=CFxqfP
▬▬▬▬▬▬▬▬▬▬▬▬▬▬
THIS IS A LIFE CHANGING OPPORTUNITY
*REGISTER N VERIFY UR MAIL N GET 1000 COIN FOR FREE*
TODAY KOINSWAP IS GIVING US 1000 COIN FREE BUT NO ONE CARE TO TAKE IT
👇👇👇👇👇👇
https://koinswap.io/register?referralcode=CFxqfP
JOIN THE GROUP FOR MORE UPDATES
https://chat.whatsapp.com/BGUVkqhI6mg1p9XdJXzBwl
In 2009 you missed# BITCOIN
2014 you missed# DOGE
2015 you missed# XRP
2016 you missed# ETH
2017 you missed# ADA
2018 you missed# BNB
2019 you missed# LINK
2020 you missed# DOT
2021 you missed# SHIBA
https://koinswap.io/register?referralcode=CFxqfP
—————————————————————————————————————————————-
Risk Reminder:
Trading foreign exchange and/or contracts for differences on margin carries a high level of risk and may not be suitable for all investors.
The possibility exists that you could sustain a loss in excess of your deposited funds.
Before deciding to trade the products reviewed by Cryptonews24.eu, you should carefully consider your objectives, financial situation, needs and level of experience.
You should be aware of all the risks associated with trading on margin.
Cryptonews24.eu provides general news and advice that does not consider your objectives, financial situation or needs.
The content of this website must not be construed as personal advice.
Cryptonews24.eu recommends you seek advice from a separate financial advisor.
Nothing on this website should be considered financial advice.
This website is for informational purposes only and you should not rely on anything that is printed or said on this website to make any financial decisions.
