Crypto News: Babel Finance Loses $280 Million, 8,000 BTC Of Customer Funds: Report

[AJBot]

A report cites a restructuring deck where Babel details unhedged ‘risky’ trading practices leading to mass liquidations which require massive debt to recover.Babel Finance lost $280 million of customer funds from unhedged trading. The amount includes 8,000 BTC. Babel is seeking a restructure through convertible debt that would see creditors become shareholders.Babel Finance, a financial services firm for cryptocurrencies, recently reported a staggering loss of its customers’ funds totallin ...

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[Sincerem]

8000 BTC is a huge sum of money. That is why proper risks management is very important. I know maybe if they didn't apply proper risks management they could have lost far more than that. I wonder what will be their next plan now.