BABL, the native cryptocurrency of Babylon Finance, has lost 92% of its value after the decentralized finance (DeFi) asset management protocol’s founder Ramon Recuero on Wednesday announced plans to shut down its services.

See related article: Chainalysis says $2 bln stolen in cross-chain bridge hacks this year, more expected

Fast facts

  • “Despite our efforts, we haven’t been able to revert the negative momentum caused by the Rari/FEI hack,” Recuero said in a blog post.
  • DeFi platforms Rari Capital and Fei Protocol suffered a hack in April that amounted to over US$80 million in losses.  
  • Babylon said it will distribute the remaining treasury among BABL and hBABL holders starting from September 6 and reimburse investors with holdings at the time of the hack. 
  • Babylon is also “extracting all the liquidity from the Uniswap pool” to stop people from raiding the remaining liquidity.
  • The DeFi protocol intends to pull the plug on its services on November 15.

See related article:  Klaytn chief says reducing ‘human elements’ can prevent hacks