Tag: babel finance

Aug 22 2022

Crypto Exchange CEO Refuses To Step Down After $73 Million Loss

Crypto exchange Zipmex founder Marcus Lim has stated that he will continue to oversee the troubled firm unless its new shareholders ask him to step down. In fact, shareholders and potential investors are urging that Lim resign, blaming his leadership decisions that led to a severe liquidity shortage, while Zipmex has been handed a three-month reprieve to turn things around. Last week, Singapore's...

Aug 08 2022

Hodlnaut Pauses Withdrawals Amid Liquidity Bottleneck

Hodlnaut withdraws MAS crypto license application as liquidity issues arise.

Jul 29 2022

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...

Crypto Firm Lost $300 Million, Is This The Last Straw To Regulation?

The calls for crypto regulation intensified as reports revealed that Babel Finance lost a huge sum to proprietary trading using customer funds. The Asian crypto platform that recently suspended its withdrawal lost over $280 million. According to a restructuring proposal, the platform lost over 8000 BTC and 56,000 ETH during June because of market volatility....

Jul 28 2022

Zipmex Files For 6-Month Moratorium Extension To Stall Legal Actions

Summary: Crypto exchange Zipmex has moved to delay creditors in Singapore from pursuing legal actions against the platform. The trading service filed five separate moratorium applications to this effect. Moratoriums of this nature usually give a 30-day extension but the exchange is after a 6-month extension. The crypto exchange supposedly requires time to address its liquidity gridlock. Withdrawals on the platform were halted...

Jul 02 2022

KuCoin CEO Refutes Rumors that the Exchange Will Pause Withdrawals or Had Exposure to 3AC, LUNA or Babel Finance.

Summary: KuCoin CEO, Johnny Lyu, has debunked rumors that the exchange will soon pause withdrawals. According to Mr. Lyu, KuCoin does not have direct exposure to collapsed LUNA, Three Arrows Capital, or Babel Finance. He further reassures that 'everything on KuCoin is operating well.' The CEO of KuCoin, Johnny Lyu, has refuted claims that the crypto exchange is experiencing liquidity issues that could...

Jun 29 2022

Babel Finance Reportedly Loses Top Employees Amid Insolvency Rumors

According to crypto news and research website The Block, beleaguered crypto lender Babel Finance is starting to lose several key employees just weeks after the firm suspended withdrawals and battled Insolvency rumors. Head of global partnerships at Babel deleted his LinkedIn profile Reports have it that some of Babel Finance key employees have called it...

Jun 28 2022

CoinFlex to resume withdrawals after raising funds via new token issuance

Crypto exchange CoinFlex will resume withdrawals after issuing a new token — dubbed Recovery Value USD (rvUSD) — which will offer 20% annual returns to users, the exchange announced in a whitepaper on June 27. CoinFlex intends to issue $47 million worth of rvUSD starting June 28 to help deal with liquidity issues and expects withdrawals to...

Jun 24 2022

Cryptocurrency Firm Babel Finance Strikes Debt Agreement With Counterparties

The cryptocurrency lending platform Babel Finance finally reached a debt agreement with counterparties. Before now, the firm had experienced some difficulties in its operations due to the present market downturn. It stopped withdrawing and redeeming crypto assets in its custody at the time to avoid possible liquidity pressures. However, by carrying out its legal responsibilities to clients and customers, the firm reached its...

Jun 22 2022

Maple Finance Faces Liquidity Crunch From Babel Contagion

Jun 22 2022 Published at Coingape under tags  babel finance maple finance news

Crypto lender Maple Finance is also facing liquidity issues amid the ongoing liquidity crisis in the crypto market. Maple Finance on Wednesday revealed that Babel Finance has a loan of $10 million in the Orthogonal Trading liquidity pool on Maple. In fact, Maple Finance has warned that the lending protocol may face liquidity issues in...

Jun 21 2022

Celsius Says Maintaining Financial Stability Will Take Time

Celsius, one of the top crypto lenders, halted withdrawals on its platform last week due to a terrible liquidity crisis. And now, the crypto lending network has stated that it will take more time to get back on track financially as they are still recovering from financial crises. Celsius is a cryptocurrency lending and interest-paying Decentralized Finance (DeFi) network. DeFi...

Babel Finance Reaches Counterparty Debt Repayment Agreement

Jun 21 2022 Published at Coinscreed under tags  babel finance cryptocurrencies news

Babel Finance stressed that it will actively fulfill its legal responsibilities to customers and try to avoid further transmission and diffusion of liquidity risks. Babel Finance, a Hong Kong-based crypto lending service, has resolved some of its immediate liquidity issues by striking debt repayment agreements with several of its counterparties. As previously reported, on June […] The post...

Jun 20 2022

Crypto Unicorn Babel Finance Moves To Solve Liquidity Crisis

Jun 20 2022 Published at Coingape under tags  babel finance defi news liquidity news

Crypto lender Babel Finance on Monday said it has signed preliminary agreements with several counterparties on the repayment period of some debts. The preliminary agreements will help ease the company's short-term liquidity pressure. Moreover, the firm will continue to seek liquidity support from shareholders and potential investors. Babel Finance Looks to Solve Liquidity Crisis Last...

Jun 17 2022

Babel Finance Halts Withdrawals, Citing Low Liquidity

Babel Finance, a Hong Kong-based cryptocurrency lending company, has announced that it is suspending withdrawals. Babel Suspends Redemptions and Withdrawals Babel wrote today that "redemptions and withdrawals from Babel Finance...

Crypto Suffers Another Beating: Hong Kong-Based Babel Finance Halts Withdrawals

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 light of the ongoing market pandemonium....

Just-In: Babel Finance Places Temporary Restrictions On Withdrawals

Asia based crypto financial service provider Babel Finance announced on its website earlier today that withdrawals and some other operations will be stopped temporarily. The company cited "unusual liquidity pressure" as what led it to make the decision. More crypto crises erupt during this seemingly unending bear run It doesn't seem like the reverberating meltdown...

May 10 2021

Crypto services provider Babel Finance secures $40M in Series A round

May 10 2021 Published at CryptoNinjas under tags  babel babel finance blockchain assets

CryptoNinjas » Crypto services provider Babel Finance secures $40M in Series A round Babel Finance, a crypto-financial service provider, today announced the completion of its Series A funding of USD $40 million. The round was led by Zoo Capital, Sequoia Capital...

Jan 12 2021

Babel Finance Is Letting Crypto Mining Firms Use Machines as Loan Collateral

Jan 12 2021 Published at CoinDesk under tags  babel finance business china lending mining

A clever way for bitcoin miners to get better loan terms.

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