Hong Kong-based decentralized crypto finance firm Babel Finance lost around $280 million in proprietary trades using client funds. Babel lost around 8,000 Bitcoin (BTC) and 56,000 Ethereum (ETH) due to a forced liquidation as the price of Bitcoin dipped below $20,000 in June.
Babel shared a restructuring proposal filing in which he pointed out that the operations of the proprietary trading team, which resulted in the loss, are not part of the company’s normal activities “which have otherwise gone well with a proper management and control,” reported The Block.
SCOOP: Babel Finance Lost Over $280M in Proprietary Transactions with Client Funds
By @Yogita_Khatri5 https://t.co/MiWExM8YtR
— The Block (@TheBlock__) July 29, 2022
Singapore-based Zipmex, which recently filed for bankruptcy, last week admitted having $48 million in exposure to Babel Finance. Click here to learn more about it.
The global crypto market cap rose 0.01% to $1.1 trillion as of 8:50 a.m. ET. However, global crypto volume declined by 4.78% to $99.05 billion, according to data from Coinmarketcap.
Bitcoin, the world’s oldest cryptocurrency, was trading at $23,817.98, up 0.02% in the past 24 hours. Ethereum (ETH) fell 0.68% to $1,705.32.
Among other major coins, Cardano (ADA) was up 0.54% at $0.5189, Algorand (ALGO) was trading with a loss of 0.18% at $0.3349, Solana (SOL) fell was trading with a loss of 2.64% to $41.91, Polkadot (DOT) rose 5.73% to $8.40 and Binance Coin (BNB) rose 7.08% to $296.14.
Today’s top gainer was yearn.finance (YFI), which rose 25.81% to $10,953.16. The main loser was Curve DAO Token (CRV), which fell 8.47% to $1.41.
Meme Coin and DeFi prices
Dogecoin (DOGE) fell 1.53% to $0.0689. Its volume to market capitalization ratio is 0.0768. Rival Shiba Inu (SHIB) fell 2.7% to $0.00001178.
Dogelon Mars (ELON) fell 3.52% to trade at $0.0000003589, Floki Inu (FLOKI) rose 1.37% to $0.00001121 and Samoyed Coin (SAMO) lost 1.62 % to $0.0115.
In the DeFi segment, YFI (yearn.finance) rose 25.81% to $10,953.16. On a weekly basis, it increased by around 63%. Others in the DeFi segment, however, saw losses. Terra Classic (LUNC) was trading with a loss of 1.35% at $0.00009868, Avalanche (AVAX) was down 1.61% at $24.33, Uniswap (UNI) was trading with a loss of 5 .34% to $8.84 and Aave (AAVE) fell 5.49% to $95.02.