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.Babel Finance lost $280 million of customer funds from unhedged trading. The amount includes 8,000 BTC. Babel is seeking a restructure through convertible debt that would see creditors become shareholders.Babel Finance, a financial services firm for cryptocurrencies, recently reported a staggering loss of its customers’ funds totalling over $280 million, according to a report from The Block citing a restructuring deck of the....
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The Series A round underscores growing investor appetite for crypto-focused institutional offerings. Babel Finance, a Hong Kong-based cryptocurrency financial services provider, has secured $40 million in venture capital financing to expand its offerings to more institutional clients.The Series A investment round was led by Zoo Capital, Sequoia Capital China, Dragonfly Capital, BAI Capital and Bertelsmann, and Tiger Global Management, the company announced Monday. Venture capital and private equity funds from North America, Asia and Europe participated in the raise. Flex Yang, CEO of Babel....