The decentralized trading platform Saddle Finance will cease operations and liquidate funds

ChainCatcher news, the Ethereum-based stablecoin trading platform Saddle Finance is ceasing operations and will distribute liquidation funds to investors. Saddle's founder Sunil Srivatsa proposed on Tuesday to liquidate the treasury's ARB tokens and airdrop the proceeds to holders of Saddle's SDL and veSDL tokens. However, it is currently unclear how much funding is in the Saddle treasury.

Sunil Srivatsa stated that the previous Curve hack incident reminded the Saddle team of the ever-present threat of exploitable vulnerabilities, and the protocol's developers need to exit the project by September 30, 2023.

According to the crypto data platform Rootdata, Saddle Finance previously raised over $10 million from venture capitalists. The platform primarily engages in stablecoin trading and currently holds user deposits worth approximately $2 million.