BarnBridge DAO Halts All Work on DeFi Protocol Amidst SEC Investigation

A decentralized finance (DeFi) protocol, BarnBridge DAO has decided to halt all operations on its platform.This decision comes from an ongoing U.S. Securities and Exchange Commission (SEC) investigation.

But some BarnBridge DAO members are skeptical about the announcement, asking the protocol to provide evidence of the SEC's investigation.

DAO's Lawyer Announces Major News to Members on Discord Channel

On July 6, an attorney representing the decentralized autonomous organization, DouglasPark, sharedthe important information with members via the platform's Discord channel. Park said:

I am letting you know that the Securities and Exchange Commission is investigating BarnBridge DAO and individuals associated with the DAO,"

Douglas Park told the BarnBridge DAO members that all activities within their platform would be put to hold after a probe by the United States Securities and Exchange Commission (SEC).

Park added that the community members should close the existing liquidity pool and no more liquidity pools should be started." Park believes this approach will reduce potential further legal liability."

Shortly after, co-founder Tyler Ward, known as Lord Tyler", verified the authenticity of Park's announcement on BarnBridge's Discord channel.

Meanwhile, Park and Ward did not provide specific details about the reasons behind the SEC's investigation. But Park stated that due to the ongoing process and non-public nature of the investigation, they are limited in the information they can disclose.

BarnBridge Tokenholders Unanimously Vote for Retaining Park & Dibadj as Legal Counsel for DAO

During June 30 to July 3, an impressive 100% of BarnBridge (BOND) token holders participated in a proposal vote.

The proposal aimed to secure the services of the law firm Park & Dibadj, led by Douglas Park as the managing partner, to serve as legal counsel for the decentralized autonomous organization (DAO) and handle diverse legal matters.

The vote witnessed a substantial turnout, with 213,000 votes being cast.Impressively, the wallet address barnbridge.eth" accounted for a significant majority of the votes, specifically 201,000, constituting approximately 94.3% of the total votes cast.

The proposal's timing and content imply that the Securities and Exchange Commission (SEC) may have initiated an investigation into BarnBridge DAO before June 30.

Some DAO Member Raised Suspicions over the Announcement

BarnBridge community members claim that this announcement may be an exit strategy to defraud investors. A member suggests that BarnBridge should provide concrete evidence to support its claims of the SEC's investigation.

However, other members support BarnBridge, stating that it's time to move to Europe."

Lightheartedly, someone remarked that individuals engaging with BarnBridge might face a hypothetical scenario where SEC Chair Gary Gensler would publicly reprimand them.

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