Babel Finance

Proprietary trading failure

Estimated loss

—

VERDICT —UNRATED

Verdict pending. Auto-ingested incidents are reviewed before a public verdict is rendered.

▰ METHOD

Undisclosed

Root cause

Root-cause analysis not yet published. The incident description below contains all currently available signal — review the attack transaction directly for definitive forensics.

Forensic narrative

Crypto Financial Services Provider Babel Finance Suspends Customer Withdrawals due to crypto market turmoil. In July, documents revealed that Babel Finance lost more than $280 million in bitcoin (BTC) and ether (ETH) as its proprietary trading failure. Specifically, it lost around 8,000 BTC and 56,000 ETH in June after facing liquidation due to a severe market downturn. Attack method (per SlowMist): Proprietary trading failure. Reported loss: 8,000 BTC + 56,000 ETH.

Primary source

https://www.theblock.co/post/160230/babel-finance-crypto-lost-280-million-proprietary-trading-restructuring ↗

Sourced from

slowmist

Technical record