Published 2 years ago

Lender Babel Finance Lost $280M Trading Customer Funds: Report

Summary by Ground News

Babel Finance reportedly lost $280 million in proprietary trades with customer funds. The firm lost around 8,000 bitcoin (BTC) and 56,000 ether (ETH) in June in forced liquidations. Babel is aiming to convert hundreds of millions of dollars of debt into equity as it looks to obtain a revolving credit facility.

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Fortune

Struggling crypto lender Babel reportedly lost $280 million trading with customer funds

Babel Finance was one of several crypto companies struck by market contagion in June. Its decision to halt withdrawals followed that of Celsius and Voyager Digital. Read More

2 years ago·New York, United States

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Seeking Alpha

Crypto lender Babel lost over $280M worth of Bitcoin, Ether while trading client funds

Babel Finance, the troubled cryptocurrency exchange, has reportedly lost more than $280M worth of Bitcoin (BTC-USD) and Ethereum (ETH-USD) in proprietary trades with client funds,...

2 years ago·United States

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Coin Desk

Lender Babel Finance Lost $280M Trading Customer Funds: Report

The firm is looking to convert hundreds of million in debt into equity after a series of trading losses.

2 years ago·Manila, Philippines

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coinxhigh

Babel Finance lost over $280 million in proprietary trading with customer funds

Babel Finance, the troubled Asian crypto lender that abruptly halted client withdrawals last month, suffered heavy losses due to proprietary trading with

2 years ago

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Bitcoin Magazine

Babel Finance Loses $280 Million, 8,000 BTC Of Customer Funds: Report

A report cites a restructuring deck where Babel details unhedged ‘risky’ trading practices leading to mass liquidations which require massive debt to recover.

2 years ago

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The Block

Babel Finance lost over $280 million in proprietary trading with customer funds

Babel Finance lost 8,000 BTC and 56,000 ETH in proprietary trading with customer funds, according to a restructuring proposal deck obtained by The Block.

2 years ago

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