A decentralized finance (DeFi) protocol, BarnBridge DAO has determined to halt all operations on its platform. This choice comes from an ongoing U.S. Securities and Exchange Commission (SEC) investigation.
But some BarnBridge DAO members are skeptical concerning the announcement, asking the protocol to supply proof of the SEC’s investigation.
DAO’s Lawyer Announces Major News to Members on Discord Channel
On July 6, an lawyer representing the decentralized autonomous group, Douglas Park, shared the necessary data with members by way of the platform’s Discord channel. Park mentioned:
“I am letting you know that the Securities and Exchange Commission is investigating BarnBridge DAO and individuals associated with the DAO,”
Douglas Park instructed the BarnBridge DAO members that each one actions inside their platform can be put to carry after a probe by the United States Securities and Exchange Commission (SEC).
Park added that the neighborhood members ought to shut the prevailing liquidity pool and “no more liquidity pools should be started.” Park believes this method will “reduce potential further legal liability.”
Shortly after, co-founder Tyler Ward, referred to as “Lord Tyler”, verified the authenticity of Park’s announcement on BarnBridge’s Discord channel.
Meanwhile, Park and Ward didn’t present particular particulars concerning the causes behind the SEC’s investigation. But Park acknowledged that as a result of ongoing course of and personal nature of the investigation, they’re restricted within the data they’ll disclose.
BarnBridge Tokenholders Unanimously Vote for Retaining Park & Dibadj as Legal Counsel for DAO
During June 30 to July 3, a formidable 100% of BarnBridge (BOND) token holders participated in a proposal vote.
The proposal aimed to safe the companies of the regulation agency Park & Dibadj, led by Douglas Park because the managing accomplice, to function authorized counsel for the decentralized autonomous group (DAO) and deal with various authorized issues.
The vote witnessed a considerable turnout, with 213,000 votes being forged. Impressively, the pockets deal with “barnbridge.eth” accounted for a big majority of the votes, particularly 201,000, constituting roughly 94.3% of the full votes forged.
The proposal’s timing and content material indicate that the Securities and Exchange Commission (SEC) could have initiated an investigation into BarnBridge DAO earlier than June 30.
Some DAO Member Raised Suspicions over the Announcement
BarnBridge neighborhood members declare that this announcement could also be an exit technique to defraud traders. A member means that BarnBridge ought to present concrete proof to help its claims of the SEC’s investigation.
However, different members help BarnBridge, stating that it’s “time to move to Europe.”
Lightheartedly, somebody remarked that people partaking with BarnBridge may face a hypothetical situation the place SEC Chair Gary Gensler would publicly reprimand them.
…. to be continued
Read the Original Article
Copyright for syndicated content material belongs to the linked Source : TechReport – https://techreport.com/crypto-news/barnbridge-dao-halts-all-work-on-defi-protocol-amidst-sec-investigation/