Troubled Crypto DeFi Company Babel Finance Loses $280 Million, yearn.finance (YFI) Rises 25%

Hong Kong-based crypto decentralised finance company Babel Finance lost about $280 million in proprietary trading using funds of customers. Babel lost around 8,000 Bitcoin (BTC) and 56,000 Ethereum (ETH) due to forced liquidation as Bitcoin’s price plunged below $20,000 in June.

Babel shared a restructuring proposal deck wherein it outlined that the proprietary trading team’s operations, which resulted in the loss, falls outside the company’s normal business “which has otherwise been running smoothly with proper management and control,” reported The Block.

SCOOP: Babel Finance lost over $280 million in proprietary trading with customer funds

By @Yogita_Khatri5 https://t.co/MiWExM8YtR

— The Block (@TheBlock__) July 29, 2022

Singapore-based Zipmex, which recently filed for bankruptcy, acknowledged last week that it had an exposure of $48 million to Babel Finance. Click here to read more about it.

Cryptocurrency Prices

The global crypto market capitalisation went up by 0.01 per cent to $1.1 trillion as of 8.50 am. However, the global crypto volume was down by 4.78 per cent to $99.05 billion, according to Coinmarketcap data.

Bitcoin, the world’s oldest cryptocurrency, was trading at $23,817.98, higher by 0.02 per cent in the last 24 hours. Ethereum (ETH) was down by 0.68 per cent to $1,705.32. 

Among other significant coins, Cardano (ADA) was up by 0.54 per cent at $0.5189, Algorand (ALGO) was trading with a loss of 0.18 per cent at $0.3349, Solana (SOL) was trading with a loss of 2.64 per cent at $41.91, Polkadot (DOT) rose 5.73 per cent at $8.40 and Binance Coin (BNB) was up by 7.08 per cent at $296.14.

Today’s top gainer was yearn.finance (YFI), which was up by 25.81 per cent at $10,953.16. The top loser was Curve DAO Token (CRV), which was down by 8.47 per cent at $1.41. 

Meme Coin And DeFi Prices

Dogecoin (DOGE) was down by 1.53 per cent at $0.0689. Its volume to market cap ratio stands at 0.0768. Rival Shiba Inu (SHIB) fell 2.7 per cent at $0.00001178.

Dogelon Mars (ELON) was down by 3.52 per cent to trade at $0.0000003589, Floki Inu (FLOKI) rose 1.37 per cent at $0.00001121, and Samoyed Coin (SAMO) lost 1.62 per cent at $0.0115. 

In the DeFi segment, YFI (yearn.finance) was up by 25.81 per cent at $10,953.16. On a weekly basis it was up about 63 per cent. Others in the DeFi segment saw losses, however. Terra Classic (LUNC) was trading with a loss of 1.35 per cent at $0.00009868, Avalanche (AVAX) was down by 1.61 per cent at $24.33, Uniswap (UNI) was trading with a loss of 5.34 per cent at $8.84, and Aave (AAVE) fell by 5.49 per cent at $95.02.