{"id":258832,"date":"2022-09-01T09:00:44","date_gmt":"2022-09-01T08:00:44","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=258832"},"modified":"2022-09-01T08:47:19","modified_gmt":"2022-09-01T07:47:19","slug":"defi-protocol-babylon-finance-to-shut-down-on-nov-15-blamed-rari-fei-hack","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/defi-protocol-babylon-finance-to-shut-down-on-nov-15-blamed-rari-fei-hack\/","title":{"rendered":"Babylon Finance to shut down Nov. 15 after failing to recover from Rari\/FEI hack"},"content":{"rendered":"<p>DeFi asset management protocol Babylon Finance will shut down its services on Nov. 15, according to an <a href=\"https:\/\/medium.com\/babylon-finance\/babylon-finance-is-shutting-down-b58abf1bc251\">announcement<\/a> by its founder Ramon Recuero on Aug. 31.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">1\/ Babylon Finance is Shutting Down<\/p>\n<p>Despite our efforts, we haven\u2019t been able to revert the negative momentum caused by the Rari hack. \ud83d\udc3b Market hasn&#39;t helped.<a href=\"https:\/\/t.co\/Qgb5XM33ZX\">https:\/\/t.co\/Qgb5XM33ZX<\/a><\/p>\n<p>\ud83e\uddf5 TLDR below<\/p>\n<p>&mdash; Ramon Recuero | \ud83e\udd87\ud83d\udd0a (@ramonrecuero) <a href=\"https:\/\/twitter.com\/ramonrecuero\/status\/1564994728436719616?ref_src=twsrc%5Etfw\">August 31, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The announcement revealed that the protocol did not recover from the $80 million hack Rari\/FEI, with the current market conditions making it hard to bounce back.<\/p>\n<h2>The Rari\/FEI hack<\/h2>\n<p>Before the Rari\/FEI hack, the protocol was in a relatively strong position as it had reached a total value locked of $30 million and created a top 10 lending pool on Rari.<\/p>\n<p>However, the Rari\/FEI exploit resulted in its investment gardens losing $3.4 million, and its users withdrew 75% \u2014 around $14 million \u2014 of its TVL\u00a0 within two days.<\/p>\n<p>Rari\/FEI's decision to cancel its reimbursement plans forced it to reprice the Rari assets to zero.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Another casualty of the FEI fiasco \ud83d\udc47 <br \/>(remember that they had the power to return these funds and make victims whole. They simply chose not to \ud83d\ude14). <a href=\"https:\/\/t.co\/ypeI6A17hR\">https:\/\/t.co\/ypeI6A17hR<\/a><\/p>\n<p>&mdash; Sam Kazemian (\u00a4, \u00a4) (@samkazemian) <a href=\"https:\/\/twitter.com\/samkazemian\/status\/1565022174687010817?ref_src=twsrc%5Etfw\">August 31, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>It continued that its $10 million lending market on Rari, Fuse, was abandoned as its native token, BABL, could no longer be used as collateral to borrow funds.<\/p>\n<blockquote><p>&#8220;The team lost ~3 months of runway that were invested in Rari (as) funds evaporated overnight along with the possibility of borrowing from the BABL holdings.&#8221;<\/p><\/blockquote>\n<p>The BABL token also lost over 90% of its value within this period, crashing from $20 to $5. According to the announcement, the crash has removed any possibility of future fundraising activities because &#8220;the token supply is limited, non-inflationary and only 10% remains in the treasury.&#8221;<\/p>\n<p>It was also revealed that the team has been working without a salary since the Rari\/FEI hack happened.<\/p>\n<p>Babylon said:<\/p>\n<blockquote><p>&#8220;[The hack] eroded our cash position, access to financing, and most importantly, user confidence.&#8221;<\/p><\/blockquote>\n<h2>What next for Babylon Finance users?<\/h2>\n<p>The Babylon Finance team revealed that it would consolidate all its treasury holdings and distribute them among BABL and hBABL holders starting Sept. 6.<\/p>\n<p>Babylon Finance users also have to withdraw their funds before Nov. 15 &#8211;when the website will be shut down.<\/p>\n<p>Meanwhile, the protocol has removed all available liquidity in its Uniswap v3 pool to prevent its drainage during the liquidation process.<\/p>\n<h2>$BABL price crashes<\/h2>\n<p>Babylon Finance's BABL token crashed by over 92% within the previous 24 hours on the back of the announcement.<\/p>\n<p>According to Coingecko <a href=\"https:\/\/www.coingecko.com\/en\/coins\/babylon-finance\">data<\/a>, the token's value dropped from over $5 to as low as $0.218851.<\/p>\n<p>OpenSea data also showed that the asset management protocol's NFT collection, Babylon Prophets, has declined in the last three months. According to the <a href=\"https:\/\/opensea.io\/collection\/babylon-prophets\/activity\">data<\/a>, the last sale from the collection occurred on Aug. 6 for Prophet #629, which sold for 0.008 <a href=\"https:\/\/cryptoslate.com\/coins\/ethereum\/\">ETH<\/a> ($12).<\/p>\n","protected":false},"excerpt":{"rendered":"<p>DeFi asset management protocol Babylon Finance will shut down its services on Nov. 15, according to an announcement by its founder Ramon Recuero on Aug. 31. 1\/ Babylon Finance is Shutting Down Despite our efforts, we haven\u2019t been able to revert the negative momentum caused by the Rari hack. \ud83d\udc3b Market hasn&#39;t helped.https:\/\/t.co\/Qgb5XM33ZX \ud83e\uddf5 TLDR [&hellip;]<\/p>\n","protected":false},"author":720,"featured_media":258862,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[77901,77873,46940,16041],"tags":[78020],"prediction_market_topic":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Babylon Finance to shut down Nov. 15 after failing to recover from Rari\/FEI hack<\/title>\n<meta name=\"description\" content=\"DeFi asset management protocol Babylon Finance will shut its services by November 15, according to a recent announcement.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/defi-protocol-babylon-finance-to-shut-down-on-nov-15-blamed-rari-fei-hack\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Babylon Finance to shut down Nov. 15 after failing to recover from Rari\/FEI hack\" \/>\n<meta property=\"og:description\" content=\"DeFi asset management protocol Babylon Finance will shut its services by November 15, according to a recent announcement.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/defi-protocol-babylon-finance-to-shut-down-on-nov-15-blamed-rari-fei-hack\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2022-09-01T08:00:44+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-09-01T07:47:19+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/09\/image_2022-09-01_123858544.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Oluwapelumi Adejumo\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Oluwapelumi Adejumo\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/defi-protocol-babylon-finance-to-shut-down-on-nov-15-blamed-rari-fei-hack\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/defi-protocol-babylon-finance-to-shut-down-on-nov-15-blamed-rari-fei-hack\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/#person\",\"name\":\"Oluwapelumi Adejumo\",\"url\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2025\/12\/profile-photo-oluwapelumi-adejumo-300x300.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2025\/12\/profile-photo-oluwapelumi-adejumo-300x300.jpg\",\"caption\":\"Oluwapelumi Adejumo\"},\"jobTitle\":\"Senior Reporter\",\"description\":\"Oluwapelumi values Bitcoin's potential. 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