Beleaguered crypto lending platform Babel Finance lost more than $280 million in customer funds due to failed propriety trading after the markets suffered significant losses over the past few months, The Block reported Friday, quoting Babel’s restructuring proposal deck.
The Asian lender faced liquidation owing to a significant market collapse, losing almost 8,000 Bitcoin (CRYPTO: BTC) and 56,000 Ethereum (CRYPTO: ETH) in June.
The lending and trading divisions of Babel were unable to satisfy counterparties’ margin requests as a result of these significant losses.
The company, …
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