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Babel Finance Lost $280M Trading Customer Funds: Report

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.BabelFinance lost around $280 million after liquidating several trading accounts funded with customer deposits in June, according to a restructuring proposal deck. Reporting by oknightcrypto.

The firm lost around 8,000 bitcoin and 56,000 ether in June in forced liquidations as the crypto market plunged to an 18-month low, sending bitcoin below $20,000, the deck shows, according to The Block. The trades were unhedged in what was described as a"volatile trading week."

Babel Finance was one of several crypto companies struck by market contagion in June. Its decision to halt withdrawals followed that of

 

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