Decentralised finance (DeFi) protocol Babylon Finance has made the announcement that it will close its operations months after trying to make recovery from the effects caused by the Rari Fuse exploit, as reported by Cointelegraph.
According to Cointelegraph, Ramon Recuero, founder, Babylon Finance, through a statement, stated that the company went through a difficult time despite their team’s efforts to endure effects caused by the hack. As per Recuro, the protocol made losses close to $3.4 million in the hack, after which the total value locked within the platform went from $30 million to four million dollars. “The Fuse pool was abandoned, taking out the lending market worth $10 million,” Recuro mentioned.
On the basis of information by Cointelegraph, the DeFi protocol founder said that as the problems followed, Babylon Finance’s native cryptocurrency token BABL went down…
