The DeFi Money Market DAO (DMM) project has announced its closure.
As a result of regulatory inquiries, DMM is ceasing operations. mTokens can be redeemed with interest accrued to-date through the following link: https://t.co/mWB1WacKaH
— DMM DAO (@DMMDAO) February 5, 2021
“Due to regulatory inquiries, DMM is ceasing operations. The decision takes effect immediately. The issuance of mToken is no longer available, — according to the project site. — Details will follow. We know you may have questions, but, unfortunately, we cannot answer them yet.”
Representatives from DMM noted that token redemptions remain available at any time; however, the interest rate on mTokens will fall to 0% as February 10 approaches. The developers also promised to create an additional fund to redeem the project”s coins.
Against the backdrop of the news, the DMG token price fell fivefold—from $0.50 to $0.10.
Four-hour DMG/USDT chart on KuCoin from TradingView.
Billionaire and venture investor Tim Draper last spring backed the DeFi Money Market project by purchasing DMG tokens.
ForkLog reported about the alleged exit scam of four DeFi projects on Binance Smart Chain.
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