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...
