Leaked Recordings Suggest Crypto Lender Babel Leveraged Users’ Funds in Longi...

According to leaked audio obtained by CNBC, the crypto lender Celsius wants to create an IOU cryptocurrency in order to pay clients back. The audio was provided by a Celsius customer and the recording explains the bankrupt crypto lender wants to create a form of “wrapped tokens” that represents a ratio of what customers are owed and what the firm has left on its balance sheet. The pitch claims that if Celsius customers hold on to their tokens there’s a possibility financial loss could be mitigated. Leaked Audio Verified by Former Celsius Employees Reveals an IOU....

Babel Finance, based in Hong Kong, has temporarily halted withdrawals and redemptions of crypto assets on Friday, as the lender struggles to pay its investors as the ongoing bear market deals a heavy blow on digital currency assets. The crypto financial service provider is the latest digital assets lending company to suffer significant difficulties in […]

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

Criminals tried to sell users’ names, ID numbers, emails and addresses on internet forums. Major Turkish crypto exchange BtcTurk came forward about a data breach from mid-2018 that leaked sensitive information of over 500,000 users. According to the official announcement, the stolen data set contains BtcTurk users’ names, citizen ID numbers, emails, addresses, birthdates and mobile phone numbers. The stolen data set first appeared on an online forum for sale last Friday with sample information as proof. The seller claimed that the information also contains user selfies with ID, a common....

Hong Kong-based asset manager Babel Finance is the latest crypto lending firm to signal the growing crisis of the cryptocurrency lending industry amid the bear market. Hong Kong-based asset manager Babel Finance is the latest cryptocurrency lending firm experiencing some serious issues amid the ongoing market downturn.Babel Finance officially announced June 17 a temporary suspension of redemptions and withdrawals from its products, citing “unusual liquidity pressures.”“Recently, the crypto market has seen major fluctuations, and some institutions in the industry have experienced conductive....