Asset tokenization project DeFi Money Market shuts its doors
DMG token holders take to Twitter to grieve as their holdings crash 75% DeFi Money Market, one of the earliest projects aiming to bring real-world assets on-chain, abruptly announced last night that it has “ceased operations.” “As a result of regulatory inquiries, DMM is shutting down,” a statement on the project’s website reads. “[...] DMM regrets the necessity of this action, and would like to thank the DMM community for its support and active participation in this project.”The website provided users instructions on how to redeem yield-bearing mTokens, and said that yields for the tokens....
Related News
On August 28, the Bitcoin Cash-based decentralized finance (defi) platform Detoken announced the project is closing its doors on September 4, 2021. The project’s founder, Semyon Germanovich, explained that the main reason for shutting the defi project down is because of the “changing regulatory outlook on cryptocurrency derivatives.” Defi Project Detoken to Shut Down Operations on September 4 In December 2020, Bitcoin.com News reported on the defi platform called Detoken, a project that allowed users to hedge or long their bitcoin cash (BCH) in a noncustodial fashion.....
Blending real-world assets and DeFi is going to shake this whole market to its core. In previous years, we have seen numerous attempts to bring real-world assets to the crypto market. However, none of them has proven to be massively adopted among retail crypto users and traditional financial players.So, why hasn’t real-world asset tokenization become a massive trend?You’ve probably heard how almost anything can be tokenized — securities, art, real estate, to name a few. And there were so many projects that promised to change the way we invest in assets, no matter the type. At the same....
Central banks are facing a paradigm shift as on-chain T-bills and asset tokenization sweep through the crypto and financial world, according to Matrixport’s Benjamin Stani. In an exclusive interview with Benzinga, Stani shed light on the transformative potential of these technologies, highlighting their role in democratizing yield and reshaping the cryptocurrency market. Stani explained that […]
"The labeling of the offering as decentralized and the securities as governance tokens did not hinder us from ensuring that DeFi Money Market was immediately shut down and that investors were paid back," said the SEC. A Cayman Islands-based company and two individuals may be the first subjects in decentralized finance, or DeFi, to face enforcement action from the U.S. Securities and Exchange Commission.According to a Friday announcement, the Securities and Exchange Commission, or SEC, said that this is the first case involving securities using DeFi technology which resulted in an....
MMM Republic of Bitcoin scheme shuts down, investors uncertain about the future of their investments in the scheme. What is that one thing which always holds true for Ponzi schemes? They all have to close down, and at least some of the investors have to lose money. Now the same seems to be happening with the alleged Ponzi scheme – MMM. As it turned out, the Sergey Mavrodi‘s brainchild yesterday announced that it is going to close its doors. According to reports, the announcement is followed by something even more serious which the investors aren’t liking one bit. Their investments in the....