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ID:

babel-finance-970

Date:

Status:

Incident Count:

June 17, 2022

Verified

1

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REKT

Contributor:

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web3rekt.com

KYC By:

KYC:

No

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Audit By:

Audits:

None

Loss Amount:

-

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Recovered:

-

Rewards:

Currency:

USD

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Hong Kong-based crypto lender Babel froze withdrawals last month amid a cascade of defaults and liquidations relating to over-leveraged firms including Three Arrows Capital and Celsius. Babel later said it had reached an agreement with counterparties on the repayment of some debts to ease short-term liquidity.

Around three days later, Reuters reported Babel had successfully reached an agreement with counterparties to repay some of its debts after carrying out an emergency assessment of its business.

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