Babel Finance suspends withdrawals as crypto markets slump
Saturday, June 18, 2022
© Reuters. FILE PHOTO: Representation of cryptocurrency bitcoin is seen in this illustration taken November 29, 2021. REUTERS/Dado Ruvic (Reuters) - Hong Kong-based Babel Finance temporarily suspended the withdrawals and redemption of crypto assets on Friday, as the crypto lender scrambles to pay its clients after the recent slump in the digital currency market.
Cryptocurrency valuations have plunged in recent weeks as investors dump risky assets in a rising rate environment, with bitcoin, which reached a record high of $69,000 in November, having lost more than half its value this year.
"Recently, the crypto market has seen major fluctuations, and some institutions in the industry have experienced conductive risk events. Due to the current situation, Babel Finance is facing unusual liquidity pressures," the company said.
Crypto lenders gather crypto deposits from retail customers and re-invest them, proclaiming double-digit returns and attracting tens of billions of dollars in assets. However, the recent meltdown has lenders unable to redeem their clients' assets.
Babel, which has 500 clients and limits itself to bitcoin, ethereum and stablecoins, raised $80 million in a funding round last month, valuing it at $2 billion. It had ended last year with $3 billion of loan balances on its balance sheet.
Earlier this week, U.S.-based retail crypto lending platform Celsius Network froze withdrawals and transfers between accounts "to stabilize liquidity" as the collapse of cryptocurrency TerraUSD in May triggered a rise in redemptions.
Leave your comment
APPROVED BROKERS
01-07-2022 02:07:00 (UTC+7)
EUR/USD
1.0476
+0.0037 (+0.35%)
Summary
↑ SellMoving Avg:
Buy (1)
Sell (11)
Indicators:
Buy (0)
Sell (7)
EUR/USD
1.0476
+0.0037 (+0.35%)
Summary
↑ SellMoving Avg:
Buy (1)
Sell (11)
Indicators:
Buy (0)
Sell (7)
GBP/USD
1.2177
+0.0052 (+0.43%)
Summary
↑ SellMoving Avg:
Buy (4)
Sell (8)
Indicators:
Buy (0)
Sell (9)
USD/JPY
135.57
-1.01 (-0.74%)
Summary
↑ SellMoving Avg:
Buy (1)
Sell (11)
Indicators:
Buy (1)
Sell (7)
AUD/USD
0.6900
+0.0019 (+0.28%)
Summary
↑ SellMoving Avg:
Buy (0)
Sell (12)
Indicators:
Buy (1)
Sell (8)
USD/CAD
1.2878
-0.0014 (-0.10%)
Summary
↑ BuyMoving Avg:
Buy (12)
Sell (0)
Indicators:
Buy (9)
Sell (0)
EUR/JPY
142.02
-0.56 (-0.39%)
Summary
↑ SellMoving Avg:
Buy (0)
Sell (12)
Indicators:
Buy (0)
Sell (8)
EUR/CHF
0.9994
+0.0023 (+0.23%)
Summary
↑ SellMoving Avg:
Buy (1)
Sell (11)
Indicators:
Buy (0)
Sell (9)
Gold Futures
1,806.55
-10.95 (-0.60%)
Summary
↑ SellMoving Avg:
Buy (0)
Sell (12)
Indicators:
Buy (0)
Sell (8)
Silver Futures
20.253
-0.485 (-2.34%)
Summary
↑ SellMoving Avg:
Buy (0)
Sell (12)
Indicators:
Buy (0)
Sell (8)
Copper Futures
3.6803
-0.1002 (-2.65%)
Summary
↑ SellMoving Avg:
Buy (0)
Sell (12)
Indicators:
Buy (0)
Sell (6)
Crude Oil WTI Futures
105.62
-4.16 (-3.79%)
Summary
↑ SellMoving Avg:
Buy (0)
Sell (12)
Indicators:
Buy (0)
Sell (7)
Brent Oil Futures
109.00
-3.45 (-3.07%)
Summary
↑ SellMoving Avg:
Buy (0)
Sell (12)
Indicators:
Buy (1)
Sell (8)
Natural Gas Futures
5.553
-0.945 (-14.54%)
Summary
↑ BuyMoving Avg:
Buy (8)
Sell (4)
Indicators:
Buy (9)
Sell (0)
US Coffee C Futures
230.28
+2.03 (+0.89%)
Summary
NeutralMoving Avg:
Buy (5)
Sell (7)
Indicators:
Buy (3)
Sell (3)
Euro Stoxx 50
3,454.86
-59.46 (-1.69%)
Summary
↑ BuyMoving Avg:
Buy (12)
Sell (0)
Indicators:
Buy (6)
Sell (3)
S&P 500
3,773.30
-45.53 (-1.19%)
Summary
↑ SellMoving Avg:
Buy (0)
Sell (12)
Indicators:
Buy (0)
Sell (7)
DAX
12,783.77
-219.58 (-1.69%)
Summary
NeutralMoving Avg:
Buy (7)
Sell (5)
Indicators:
Buy (2)
Sell (3)
FTSE 100
7,169.28
-143.04 (-1.96%)
Summary
SellMoving Avg:
Buy (6)
Sell (6)
Indicators:
Buy (1)
Sell (6)
Hang Seng
21,859.79
-137.10 (-0.62%)
Summary
SellMoving Avg:
Buy (1)
Sell (11)
Indicators:
Buy (3)
Sell (3)
US Small Cap 2000
1,696.50
-16.82 (-0.98%)
Summary
↑ SellMoving Avg:
Buy (0)
Sell (12)
Indicators:
Buy (0)
Sell (8)
IBEX 35
8,098.70
-89.30 (-1.09%)
Summary
SellMoving Avg:
Buy (6)
Sell (6)
Indicators:
Buy (1)
Sell (7)
BASF SE NA O.N.
41.525
-0.055 (-0.13%)
Summary
↑ BuyMoving Avg:
Buy (8)
Sell (4)
Indicators:
Buy (6)
Sell (1)
Bayer AG NA
56.72
-0.90 (-1.56%)
Summary
NeutralMoving Avg:
Buy (6)
Sell (6)
Indicators:
Buy (2)
Sell (2)
Allianz SE VNA O.N.
182.12
-1.60 (-0.87%)
Summary
SellMoving Avg:
Buy (6)
Sell (6)
Indicators:
Buy (1)
Sell (6)
Adidas AG
168.76
-1.26 (-0.74%)
Summary
BuyMoving Avg:
Buy (8)
Sell (4)
Indicators:
Buy (5)
Sell (3)
Deutsche Lufthansa AG
5.564
-0.249 (-4.28%)
Summary
↑ BuyMoving Avg:
Buy (12)
Sell (0)
Indicators:
Buy (10)
Sell (0)
Siemens AG Class N
97.09
-4.31 (-4.25%)
Summary
↑ SellMoving Avg:
Buy (4)
Sell (8)
Indicators:
Buy (2)
Sell (6)
Deutsche Bank AG
8.318
-0.253 (-2.95%)
Summary
NeutralMoving Avg:
Buy (7)
Sell (5)
Indicators:
Buy (3)
Sell (4)
| EUR/USD | 1.0476 | ↑ Sell | |||
| GBP/USD | 1.2177 | ↑ Sell | |||
| USD/JPY | 135.57 | ↑ Sell | |||
| AUD/USD | 0.6900 | ↑ Sell | |||
| USD/CAD | 1.2878 | ↑ Buy | |||
| EUR/JPY | 142.02 | ↑ Sell | |||
| EUR/CHF | 0.9994 | ↑ Sell |
| Gold | 1,806.55 | ↑ Sell | |||
| Silver | 20.253 | ↑ Sell | |||
| Copper | 3.6803 | ↑ Sell | |||
| Crude Oil WTI | 105.62 | ↑ Sell | |||
| Brent Oil | 109.00 | ↑ Sell | |||
| Natural Gas | 5.553 | ↑ Buy | |||
| US Coffee C | 230.28 | Neutral |
| Euro Stoxx 50 | 3,454.86 | ↑ Buy | |||
| S&P 500 | 3,773.30 | ↑ Sell | |||
| DAX | 12,783.77 | Neutral | |||
| FTSE 100 | 7,169.28 | Sell | |||
| Hang Seng | 21,859.79 | Sell | |||
| Small Cap 2000 | 1,696.50 | ↑ Sell | |||
| IBEX 35 | 8,098.70 | Sell |
| BASF | 41.525 | ↑ Buy | |||
| Bayer | 56.72 | Neutral | |||
| Allianz | 182.12 | Sell | |||
| Adidas | 168.76 | Buy | |||
| Lufthansa | 5.564 | ↑ Buy | |||
| Siemens AG | 97.09 | ↑ Sell | |||
| Deutsche Bank AG | 8.318 | Neutral |
| Mua/Bán 1 chỉ SJC # So hôm qua # Chênh TG | |
|---|---|
| SJC Eximbank | 6,810/ 6,870 (0/ 0) # 1,764 |
| SJC HCM | 6,830/ 6,890 (0/ 0) # 1,783 |
| SJC Hanoi | 6,830/ 6,892 (0/ 0) # 1,785 |
| SJC Danang | 6,830/ 6,892 (0/ 0) # 1,785 |
| SJC Nhatrang | 6,830/ 6,892 (0/ 0) # 1,785 |
| SJC Cantho | 6,830/ 6,892 (0/ 0) # 1,785 |
| Cập nhật 01-07-2022 02:07:02 | |
| Xem lịch sử giá vàng SJC: nhấn đây! | |
| ↀ Giá vàng thế giới | ||
|---|---|---|
| $1,806.38 | -12.68 | -0.70% |
| ʘ Giá bán lẻ xăng dầu | ||
|---|---|---|
| Sản phẩm | Vùng 1 | Vùng 2 |
| RON 95-V | 33.470 | 34.130 |
| RON 95-III | 32.870 | 33.520 |
| E5 RON 92-II | 31.300 | 31.920 |
| DO 0.05S | 30.010 | 30.610 |
| DO 0,001S-V | 30.810 | 31.420 |
| Dầu hỏa 2-K | 28.780 | 29.350 |
| ↂ Giá dầu thô thế giới | |||
|---|---|---|---|
| WTI | $105.72 | +1.84 | 1.74% |
| Brent | $109.03 | +1.32 | 1.21% |
| $ Tỷ giá Vietcombank | ||
|---|---|---|
| Ngoại tệ | Mua vào | Bán ra |
| USD | 23.105,00 | 23.415,00 |
| EUR | 23.704,39 | 25.032,07 |
| GBP | 27.520,94 | 28.694,87 |
| JPY | 165,73 | 175,46 |
| KRW | 15,51 | 18,90 |
| Cập nhật lúc 18:51:16 30/06/2022 Xem bảng tỷ giá hối đoái | ||
