ChainCatcher news, Algorand's largest DeFi protocol Algofi announced that it will gradually cease operations. The Algofi team stated that its protocol will be set to "withdrawal-only mode" and will close all social media accounts except for the Discord channel, "to ensure seamless and unified communication."The winding down process is expected to take several months, during which the Algofi team will reduce the collateralization ratios in the digital asset lending market on its platform, allowing liquidity to migrate to other protocols. (Source link)

According to ChainCatcher news, the Korea Daily reported that the South Korean cryptocurrency exchange Gopax needs to repay up to 60 billion won (approximately 47 million USD) to its cryptocurrency financial product GOFi customers, including fixed-term deposit products, free-form products without a fixed deposit term, deposit service interest, and delayed interest incurred due to the suspension of withdrawals.In November 2022, Gopax announced that due to the impact of the suspension of redemptions by its partner Genesis, GOFi would delay principal and interest repayments. In early January 2023, Decenter reported that Binance had recently completed its due diligence on the South Korean exchange Gopax and was in the final steps of confirmation procedures. However, the Korea Daily stated that a Binance employee indicated that no decision had been made regarding the acquisition of Gopax. (Source link)

ChainCatcher news, affected by the Genesis event, South Korean cryptocurrency exchange GOPAX announced on Thursday that it has halted withdrawals of principal and interest in its DeFi service GOFi, which acts as an agent for the cryptocurrency lending platform Genesis Global Capital's products. It is reported that the suspension of GOFi was proposed by its partner Genesis Global Capital. (forkast)