SEC’s Binance and Coinbasewhich he described as a security in the lawsuits filed against altcoin Algorand (ALGO) largest decentralized finance (DeFi) protocol algophyannounced that it will cease operations.
Algofi said in a statement that “withdrawal only mode” will be on, and that they will close all social media accounts except Discord.
Stating that Algorand’s belief in the power of blockchain technology and the new consensus algorithm remains strong, the Algofi team said that they expect the liquidation process on their platform to take several months.
“We have some unfortunate news to share regarding the Algofi protocol.
After much deliberation, the team made the unfortunate decision to liquidate the protocol.
The team believes we can no longer provide the support necessary to maintain the protocol to the high standards we believe the community deserves.
We will begin to shut down the platform and put the platform in withdrawal only mode.
…”
1) Hey Everyone,
We have some unfortunate news to share regarding the Algofi protocol.
After a lot of reflection, the team has recently come to the unfortunate decision to begin winding down the protocol.
— Algofi (@algofiorg) July 10, 2023
With the rally in 2023, the value of locked assets in Algofi, which left rival DeFi platforms behind, had increased to $ 200 million in February. However, with a sharp decline, it fell to the level of 59 million dollars.
This decline was also supported by the fact that ALGO was a security in the lawsuits filed by the SEC.
While the Algorand Foundation does not accept these claims of the SEC, ALGO The price fell to the level of $ 0.90, levels not seen since 2020.
ALGO is trading at $0.1098 at the time of writing.
*Not investment advice.
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