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.
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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.
7 replies 33 retweets 219 likesShow this thread -
Replying to @FatManTerra
How can they face 0 losses if they’re the lender? Is that a typo?
1 reply 0 retweets 2 likes -
Replying to @Badfellaslol
Collateralized position - they can liquidate the collateral to recover the money but it locks in Babel's losses
5 replies 0 retweets 10 likes -
Replying to @FatManTerra @Badfellaslol
Wonder what the collateral is… and what liquidating it will do…
1 reply 0 retweets 1 like
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