DeFi protocol shuts down months after the Rari Fuse hack

2022.09.01 16:54

DeFi protocol shuts down months after the Rari Fuse hack

Decentralized finance (DeFi) protocol Babylon Finance has finally announced that it will shut down after months of trying to recover from the negative momentum that the Rari Fuse exploit caused.

In a statement, founder Ramon Recuero explained that the platform experienced an insurmountable negative streak despite their team’s efforts to endure the domino effect caused by the hack. According to Recuero, the protocol lost $3.4 million in the hack. Following this, the total value locked within the platform went from $30 million to $4 million. To make matters worse, the Fuse pool was abandoned, taking out the lending market worth $10 million, Recuero noted.

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