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Babel Finance

CryptoHong Kong
💀 Dead / Bankrupt
Peak $2 BillionToday
~-100%
from peak
  1. 🦄
    Became a unicorn
    2021
  2. 📈
    Peak valuation
    $2 Billion ’22
  3. 💔
    Became a Unitard
    Jun 2022
  4. 💸
    Last valuation
    ~$0
Current status
Halted withdrawals (Jun 2022); restructuring

How it happened

Babel Finance was a crypto lender that hit a $2B valuation in a May 2022 Series B. Weeks later it froze customer withdrawals after losing roughly $280M in proprietary trades during the market crash. It entered restructuring, wiping out equity value.

Source: Reuters; lost ~$280M in prop trades