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A verified source has confirmed that Babel Finance, a large Chinese crypto management fund, is currently facing nine figure losses - Babel customers & counterparties, please pull out your capital for the time being if you are able to.
Update: I can confirm that one of Babel's lenders is Genesis Trading, a behemoth crypto market maker. Babel has not yet been liquidated, but sources close to the matter inform me that it is being considered. Genesis will likely face zero losses.
@FatManTerra do you know, what happened to the UST burning proposal? Do we get a burn or not? Thanks
How can they face 0 losses if they’re the lender? Is that a typo?
Collateralized position - they can liquidate the collateral to recover the money but it locks in Babel's losses
how is it that you only have 76.3K followers?
I find it hard to believe that every Creditor is saying they're sustaining no losses. The collateral is depreciating too quickly.
What is this mania using biblical names??? “Genesis”…and then “Babel” (German for Babylon). A collapse of biblical proportions to be unleashed, I guess?
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