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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
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As such, the Babylon team was vying to reach $50 million in user-supplied assets, following which it would become sustainable due to the fees charged to users in return for the yields offered. The Rari exploit, coupled with a steep fall in BABL token prices, led to “the point of
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In two days’ time, bitcoin’s price dropped to fresh August lows as it dipped below the $20K per unit region for the first time since mid-July. During that time, two addresses created on December 19, 2013 sent 10,000 bitcoin worth $203 million to unknown wallets after sitting idle for close
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Bluebenx, a Brazilian crypto company that recently stopped customer withdrawals, has changed its story regarding the causes which took it to take that measure. While the exchange issued an email statement informing customers it had been the victim of a vicious hack, now the company states the liquidity problems were
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An attack in April 2022, which drained off nearly $80 million from various Rari Fuse pools, required the decentralized finance (DeFi) platform Fei Protocol to come up with a solution that minimizes damage to the ecosystem. Fei Labs’ latest proposal, which partly recommends revoking participation from Tribe DAO, received mixed
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The native token of Optimism quickly recovered after Optimism dispelled the rumors. Source
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Bluebenx, a Brazil-based cryptocurrency investment platform, suspended withdrawals last week due to an alleged hack that made the company lose more than $31 million. The company announced that the withdrawals would be stopped for at least six months. The company has been investigated by the Brazilian Securities and Values Commission
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BlueBenx, a Brazilian crypto lending platform, reportedly blocked all of its 22,000 users from withdrawing their funds following an alleged hack that drained $32 million (or 160 million Brazilian real). While no details about the hack were made available, the company allegedly laid off most of its employees.BlueBenx joins the
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Nomad announced a bounty of up to 10% for the return of the stolen funds from the Nomad bridge. In a website announcement and tweet, the company publicly provided a wallet address for sending the funds. The bounty is applicable to anyone who comes forward from now on or already
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Bitcoin and ether kept sliding, but barely. Meanwhile a corporate partnership announcement was enough to send Coinbase shares soaring (and short-sellers running for cover). Source
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