AutoFarm Network Shuts Down Amid Hostile Takeover

Users Seek Clarity as AutoFarm Packs

Multichain DeFi yield aggregator, AutoFarm Network, has announced its closure today. Earlier this year, the company experienced a hostile takeover by new owners, which marked the beginning of a challenging period for the organization. In a recent tweet, the protocol revealed that it is now officially shutting down its operations. 

The tweet reflects a mixture of appreciation for the community's involvement and a sense of finality as the company bids farewell. To the platform's dedicated community and followers who have been an integral part of AutoFarm's journey, this news comes as a disappointment. Autofarm also revealed in the comments that the takeover was done by the same scammy pump and dump groups who previously hijacked projects such as Neblio. 

AutoFarm Network was known for its services in the decentralized finance (DeFi) space, offering users automated yield farming strategies across various blockchains. As of now, there is no further information available regarding the specific reasons behind AutoFarm Network's closure. 

Earlier in April, the platform’s native token $AUTO was among those delisted from Binance. The market cap of $AUTO once reached nearly $200 million in February 2021 but sat below $20 million for most of 2022. Following the Binance delisting, the token has recorded a sharp decline, and currently sits at just $1 million according to CoinMarketCap. AutoFarm currently has about $12,032,060 in Total Value Locked (TVL) across several chains. 

Users and investors are still demanding clarity as the announcement did not provide any post-mortem or details regarding user funds. 

The closure of AutoFarm Network marks the end of an era for the project, raising concerns about the long-term viability of projects within the ecosystem.

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