Babel Finance suspends withdrawals due to “unusual liquidity pressures”
As the crypto winter prolongs, its impact has spread to different areas of the crypto ecosystem, forcing difficult decisions. Some crypto companies are facing the risk of liquidation, reducing their workforce and suspending user activity on the platform.
The latest in countless outages in operation is Babel Finance, which has served the general public. News To that user on June 17, 2022.
The notice contained information that the company was “faced with extraordinary liquidity pressure” due to fluctuations in the crypto market. The company further said it is in close contact to ensure the protection of its customers.
As a result, the notice read, “Redemption and withdrawals of Babel Finance products will be temporarily suspended.” However, we have guaranteed that the resumption of service will be notified separately at some point.
@FatManTerra took part in this notice, claiming that Babel “is currently facing a nine-digit loss.”
Verified sources have confirmed that China’s largest crypto management fund, Babel Finance, is currently facing nine-digit losses-Babel’s clients and counterparties, preferably for the foreseeable future. Withdraw your capital.
— FatMan (@FatManTerra) June 17, 2022
He tweeted that the idea was taken into account while Babel wasn’t liquidated yet.
Crypto Finance Provider Raised $ 80 Million New investment round In May, it will be valued at $ 2 billion. Jeneration Capital, Circle Ventures, and 10T Holdings have joined current investors Dragonfly Capital and BAI Capital in an investment round.
Cryptographic institutions that have been hit hard
Some crypto companies have made public headlines because they are struggling to prevent their valuations from dropping rapidly. Since the start of the first quarter of 2022, the entire crypto market has plummeted and major cryptocurrencies have fallen sharply.
According to a recent report, rival crypto service provider Finblox has also released a statement informing users of new platform restrictions, such as pay suspensions and daily withdrawal restrictions by connecting with Three Arrows Capital. ..
The hottest Celsius made a similar announcement on June 12, suspending withdrawals, swaps, and transfers.
Similarly, Three Arrows Capital has been the subject of bankruptcy speculation in imminent liquidation rumors.
