Crypto project DeFi Money Market DAO (DMM), backed by billionaire venture capitalist Tim Draper, is permanently shutting down as it faces scrutiny from the US Securities and Exchange Commission (SEC).
Before the recent announcement, DMM initially said that it was shutting down due to “regulatory inquiries” in a posted on the 5th of February.
DMM decided to shut down less than a year after its token launch. In a separate tweet, the project also provided a link where users can redeem tokens accrued to-date. The project said:
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