Babel Finance Loses 280 Million 8000 BTC Of Customer Funds

Babel Finance Loses $280 Million, 8,000 BTC Of Customer Funds: Report – Bitcoin Magazine

  • 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 broker.

The firm lost 8,000 BTC and a significant quantity of another token through leveraged positions that it failed to hedge against – a reminder that users can never be fully assured of their bitcoin funds’ safety when entrusting them with a third party.


Source link

Check Also

PANKUKU ALL IN ONE DECENTRALIZED EXCHANGE FOR CRYPTOCURRENCY RELATED ACTIVITIES

PANKUKU: ALL-IN-ONE DECENTRALIZED EXCHANGE FOR CRYPTOCURRENCY RELATED ACTIVITIES

PANKUKU: ALL-IN-ONE DECENTRALIZED EXCHANGE FOR CRYPTOCURRENCY RELATED ACTIVITIES INTRODUCTION Transactional endeavors have always been a …