Ramon Recuro, Babylon Finance founder, tweeted on Wednesday that Babylon was shutting down its operations after trying to fight negative effects of the Rari Fuse hack for months. Recuro said,” Babylon Finance is Shutting Down. Despite our efforts, we haven’t been able to revert the negative momentum caused by the Rari hack.” He added saying that the firm had lost $3.4 million in the hack and had to let go of its $10 million lending market. Rari Fuse exploit happened in May earlier this year with the hackers taking about $80 million from Fei capital’s Rari Fuse pools. Fuse pools are essentially pools of currency for smooth currency exchanges between parties.
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