BarnBridge DAO Halts All Work on DeFi Protocol Amidst SEC Investigation

A decentralized finance (DeFi) protocol, BarnBridge DAO has determined to discontinue all operations on its platform. This resolution comes from an ongoing U.S. Securities and Alternate Commission (SEC) investigation. 

But some BarnBridge DAO participants are skeptical relating to the announcement, asking the protocol to catch proof of the SEC’s investigation.

DAO’s Attorney Announces Most significant News to Members on Discord Channel

On July 6, an attorney representing the decentralized independent organization, Douglas Park, shared the critical data with participants by the platform’s Discord channel. Park mentioned:

“I’m letting that the Securities and Alternate Commission is investigating BarnBridge DAO and other folks connected to the DAO,”

Douglas Park suggested the BarnBridge DAO participants that every actions internal their platform would be put to accept as true with after a probe by the US Securities and Alternate Commission (SEC).

Park added that the community participants may presumably enjoy to discontinuance the present liquidity pool and “no more liquidity pools wants to be started.” Park believes this come will “decrease seemingly further upright liability.”

Quickly after, co-founder Tyler Ward, identified as “Lord Tyler”, verified the authenticity of Park’s announcement on BarnBridge’s Discord channel. 

In the period in-between, Park and Ward didn’t provide particular facts relating to the explanations within the support of the SEC’s investigation. But Park mentioned that attributable to the continuing course of and private nature of the investigation, they are restricted within the facts they’ll present.

BarnBridge Tokenholders Unanimously Vote for Preserving Park & Dibadj as Simply Counsel for DAO

All the strategy in which via June 30 to July 3, a great 100% of BarnBridge (BOND) token holders participated in a proposal vote. 

The proposal aimed to stable the products and companies of the laws firm Park & Dibadj, led by Douglas Park because the managing accomplice, to wait on as upright counsel for the decentralized independent organization (DAO) and tackle various upright issues. 

The vote witnessed a in actuality intensive turnout, with 213,000 votes being solid. Impressively, the wallet tackle “barnbridge.eth” accounted for a significant majority of the votes, particularly 201,000, constituting roughly 94.3% of the total votes solid. 

The proposal’s timing and swear material imply that the Securities and Alternate Commission (SEC) may presumably enjoy initiated an investigation into BarnBridge DAO earlier than June 30.

Some DAO Member Raised Suspicions over the Announcement

BarnBridge community participants claim that this announcement will be an exit technique to defraud investors. A member means that BarnBridge may presumably enjoy to provide concrete proof to pork up its claims of the SEC’s investigation.

Nonetheless, diversified participants pork up BarnBridge, pointing out that it’s “time to transfer to Europe.”

Lightheartedly, any individual remarked that other folks enticing with BarnBridge may presumably face a hypothetical predicament where SEC Chair Gary Gensler would publicly reprimand them.