Babylon Finance Will Shut Down its Services on November 15

On November 15, Babylon Finance, the protocol for DeFi asset management, will discontinue its operations. After failing to recover from the effects of April’s $80 million assault on Rari Capital, Babylon Finance will shut down in November. Babylon Finance is shutting down – Details on the claim process will be shared by the end of this week– Withdraw your funds before Nov 15thhttps://t.co/dICvgxpDUF — Babylon Finance (@BabylonFinance) August 31, 2022 Babylon’s Tokens Rari enabled users to supply and borrow any asset from its Fuse pools to generate yields. Users can create their pools with a selection of Ethereum-based assets, like Babylon’s tokens, and other users can contribute money to those pools to receive rewards. At its peak, Babylon held $30 million in different cryptocurrencies and was one of the top lending pools on Rari, with $10 million in user-supplied assets. Rari/FEI Hack The protocol was in a good position prior to the Rari/FEI hack because it had established a top 10 lending pool on Rari and attained a total value of $30 million. However, the Rari/FEI exploit caused its investment gardens to lose $3.4 million, and within two days, its customers withdrew 75%, or around $14 million, of its TVL. Rari/FEI is compelling to reprice the Rari assets to zero after deciding to discontinue its reimbursement arrangements. According to the statement, the $10 million loan market on Rari, Fuse, was suspended because its nativ...