DMG Price Drops 90% As The Protocol Ceased All Operation

The DMG price drops 90% as the DMM protocol ceased all operations as per the announcement that we have in our latest altcoin news.

In an unfortunate turn of events for the DeFi Money Market Foundation supporters, the DMM token price dropped by 90% in value as the team behind it revealed they cease all operations due to regulatory concerns. The Defi Money Market used to be a loans platform and received plenty of attention in the crypto community. One of the reasons was that the hot DeFi project backed by some important names like Draper Goren Holm which was a partnership between Tim Draper, Alon Goren, and Josef Holm that focused mostly on investing in blockchain solutions.

This is the true definition of messed up.
They literally pumped it. pushing a lot of people to jump on trades, and then dumped and then announced that they were going out of business.https://t.co/hGXsQAsT9O

— Devchart 👨🏻‍💻 (@devchart) February 5, 2021

The supporters of the project received the bad news today once the team behind DMM announced cease of all operations. As a result of the regulatory inquiries, DMM will be shutting down and mToken minting is no longer available as of now. MToken redemption will remain available but the interest rate on the tokens will drop to 0% around February 10^th this year. Capital and interest are now available to fund the redemption of all outstanding mTokens plus accrued interest as per the official website.

The DMG price dropped but the community was still taken ablaze as most lost huge chunks of value because of what happened to the price of the DMG governance token. The price of the DMM governance token crashed 90 %in less than 60 minutes and went from above $0.5 to around $0.05 while the markets are open so there’s a slight recovery but it doesn’t look too good for people that failed to dispose of their tokens in time. FTX is one of the exchanges where DMG was trading with leverage and it shed some light on the events:

“Sad to see what happened with DMG today. We’ll keep the DMG market open, might as well let people trade out if they want. Leverage will probably be reigned in quite a bit. We don’t know of any nefarious things that happened but will investigate given the unusual price pattern.”

As reported recently, OKEx got another step closer following the listing of the new tokens belonging to emerging DeFi projects and the two new cryptocurrencies DMG and CELO were listed on July 16^th ,2020with spot trading against USDT and BTC going live on July 17^th. CELO is the utility asset of Celo which is a mobile blockchain solution that makes financial tools accessible for everyone.