“The crypto market has seen major fluctuations, and some institutions in the industry have experienced conductive risk events,” the Asia-based lender and asset manager said in a notice on its website to explain the temporary measure. A spokesperson at Babel told Bloomberg that the team has faced “some pressure” and “are working on it.”
The news came just a few days after Celsius Network, another crypto lending platform, paused withdrawals, swaps and transfers in an attempt to stop the digital-asset equivalent of a bank run. Meanwhile, a tweet this week by Three Arrows Capital, a major crypto hedge fund, raised concerns about financial troubles at the firm, adding to the sense of broadening distress.
Hong Kong-based Babel is considered one of the bigger lenders in crypto and often serves as a bridge between Asia and the West, with about 500 clients and a business limited to Bitcoin, Ether and stablecoins. In May, Babel reached a $2 billion valuation in a funding round with investors including Jeneration Capital and 10T holdings. Babel’s website shows that Sequoia Capital and Tiger Global are listed as its current investors.
Both firms have come under pressure as market declines reverberate across an industry still reeling from the implosion last month of the TerraUSD stablecoin and its sister Luna, an experiment in the loosely regulated world of decentralized finance that went spectacularly wrong. Three Arrows, an investor in Luna, is also among firms in DeFi whose use of leverage is now causing a severe pinch as market declines threaten forced liquidations.
Source: Loan Digest (loandigest.net)
You can still buy Monopoly money at any game store.
The ponzi skeam is coming apart...
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